You apply for a loan: After
you request a loan to purchase or refinance a property, the lender will order
an appraisal.
A licensed appraiser visits the property: They may
conduct an exterior-only review or complete a full interior inspection.
The appraiser analyzes local market data: They
will then compare your property to similar recently sold homes in the area.
They evaluate condition and features: The
appraiser factors in square footage, the number of rooms, updates, and overall
quality.
You receive a report: Your
appraiser will provide you and your lender with the estimated value of the
property, supporting data, and an explanation of the methodology they used.
You can expect to receive a copy of this report at least three
days before closing. If the appraised value comes in lower than you expected,
it may impact how much equity you have. Of course, if you disagree with the
appraisal, there are some steps you can take. Review the report thoroughly to
look for factual errors, such as missing upgrades or inaccurate square footage.
Then, gather evidence, such as photos and receipts for recent renovations.
Present this information when requesting a reconsideration of value from your
lender.
While the appraiser's job is to stay neutral, you have every
right to challenge the report if something doesn't look right. By acting
quickly, you may be able to significantly improve your appraisal and secure a
more favorable loan.
Sources: Nar.realtor, FDIC.gov, Ronsellsthebeach.com,
Nationwide.com
Team Lasson is here to assist with
all of your home buying needs! If you’re
considering taking the leap into home ownership in the near future, we’re here
to help. Contact us today to explore
which loan program aligns best with your financial goals.
The first step in preparing for your big purchase is to get
pre-approved for a mortgage at Lake of the Ozarks. Visit www.yourlakeloan.com or
call us at (573) 216-7258 to get started today!
Michael Lasson
Senior Mortgage Banker
NMLS #: 493712
Flat Branch Home Loans – Team Lasson
2882 Bagnell Dam Blvd
Lake Ozark, MO 65049
Cell: (573)
216-7258
Email: teamlasson@fbhl.com
Website: www.yourlakeloan.com
**The
postings on this site are my own and do not necessarily represent Flat Branch
Home Loans positions, strategies, or opinions.
Flat Branch Home Loans
NMLS 224149. A Division of Flat Branch Mortgage Inc.
For more licensing
information, visit NMLSConsumerAccess.org
