Yikes! You are set on buying the home that you picked out and the appraisal comes back at a lower amount than the amount needed for the home loan to be approved. What do you do? After you calm down your significant other and then take three deep breaths, here are some options to consider. Request A New Appraisal Appraisals are only one person's professional opinion. There are rules that must be followed when making an appraisal; however, there is still some flexibility in how to apply the rules. … [Read more...]
What You Need To Know About Your Home Appraisal And Your Mortgage
When buying a home, there are certain steps a buyer should go through before the home sale is official. First the buyer makes the offer, then the offer is accepted. Next the buyer schedules the inspection and home appraisal. Finally, everyone is ready for closing. It’s easy to overlook the impact of some of these steps, but when it comes to a mortgage, the home appraisal is actually quite important. Banks want to see that they are lending money for an investment that is worthwhile, so that … [Read more...]
