Mortgage and Refinancing Information Channel:
We would like to thank the local libraries, schools, and universities for recommending students to visit us when doing research on any of our information topics.
Understand a Real Estate Appraisal
Happy New Year. Make a difference this year. "Pay it forward" as in the movie. If you haven't seen it, WOW, do.
If you buy a house or refinance one, through a lender, you will have to have an appraisal. The reason it is required is FHA insures the loan, VA quarantees the loan and conventional loans are federally related. The easiest way to explain the process is from the beginning.
There are three types of residential appraisers. There are also timber, agricultural, industrial and other appraisers. Most residential appraisers are not allowed to do those and even if they are usually they will reject the request because they don't have that kind of expertise. There are licensed, certified and general appraisers. Usually the licensed appraiser has the least education and can do an appraisal up to a certain value. I always find this a little stupid since you can't know the value until you are done with the appraisal. What do you do, complete it and then tell the lender, oops I'm sorry, I can't give you the completed appraisal because it exceeded my limit. Certified appraisers can usually do any value of residential property and up to a certain amount in commercial. General can pretty well appraise anything, Trump's ......
Usually appraisers receive the assignment, request, contract with the contact information and address. From there begins the initial file work. A search is done of the area , then of the neighborhood, determining types of housing, age range, price range, marketing time....Hopefully at that time there is adequate information to make one trip. A call is made to the contact, usually a homeowner or agent. Sometimes the house will be on a lockbox, which makes it convenient for everyone, especially the appraiser, if it works. First an oblique picture is taken of the front, rear and one of the street. The house is supposed to be measured on the exterior including porches, bay areas, garage, etc. Then the square footage is calculated in the living area, which excludes unfinished, unheated areas, such as the garage, a utility room and open areas above the first floor.
Think of an appraisal like a physical exam. Everything, I mean, everything , from the front door (insulated steel entry) to the floor (ceramic tile) to the windows (insulated double hung) and the screens (full) is noted. When he or she started the file some of the information they were looking for was three recent, similar sales that occurred in the same neighborhood. That's the perfect condition but it doesn't always happen. I should say it never happens in rural areas unless there is a new development. So if the subject's size was fairly close to accurate (taken from most public records, mls, agent or plans and specs) then the appraiser has it made , almost. With map in hand they go on to the comparables. A front picture and notes are all that's needed there. Back to the office they go. Please rate and tell friends.
Suzie is a licensed real estate broker and certified residential appraiser with twenty years of experience who hopes to make a positive difference in the industry one step and one person at a time. Other qualified experts in the field are contributing as well. http://www.freewebs.com/realestatenews
Please email your thoughts and ideas to [email protected] with appraisal in the subject line.
MORE RESOURCES updated Wed. July / 28 / 2021
Mortgage Rates Dropped to 2.78%, the Biggest Weekly Fall Since 2020. Here’s What It Means for Borrowers - NextAdvisor
Ally Home launches RefiNow™ to provide greater access to mortgage refinance options for homeowners - PRNewswire
Ally Home launches RefiNow™ to provide greater access to mortgage refinance options for homeowners PRNewswire
Now’s your chance: 10-year mortgage refinance rates rest at 25-day low | July 19, 2021 - Fox Business
Today's mortgage refinance rates all trend upward for first time since mid-March | June 30, 2021 - Fox Business
Today's mortgage refinance rates all trend upward for first time since mid-March | June 30, 2021 Fox Business
Today’s mortgage refinance rates dip | July 20, 2021 Bankrate.com
Refinancing for a Home Renovation | Mortgage Chase News & Stories
New Biden mortgage relief plan cuts payments by 25% The Mortgage Reports
Strong Refi Business, Interest Rates Aren't Growing the Reverse Mortgage Audience - Reverse Mortgage Daily
Strong Refi Business, Interest Rates Aren't Growing the Reverse Mortgage Audience Reverse Mortgage Daily
Low Home Appraisal? What to Do if You Suspect Discrimination Glens Falls Post-Star
CU Economist Says Rising COVID Concerns Pushing Down Interest Rates Credit Union Times
Solar Tax Credit: Everything a Homeowner Needs to Know Credible News
18 Home Improvement Projects You Can Wrap Up in a Day Credible News
Mortgage Refinance Options & Types | Refinance Chase News & Stories
Mortgage rates: Despite low-interest rates, not all homeowners are refinancing. Should you refinance now? - USA TODAY
Mortgage rates: Despite low-interest rates, not all homeowners are refinancing. Should you refinance now? USA TODAY
How to Refinance a Student Loan Business Insider
How to refinance a mortgage | Mortgage Chase News & Stories
Mortgage Rates Are Rising. Read This Before You Refinance. The Wall Street Journal
7 Steps for a Successful Mortgage Refinance Business Insider
Best mortgage refinance lenders in 2021 Bankrate.com
New mortgage refinance program for lower-income homeowners opens The Seattle Times
A record 19.4 million homeowners can now save big on a mortgage refinance, as rates hit another new low - CNBC
A record 19.4 million homeowners can now save big on a mortgage refinance, as rates hit another new low CNBC
15 of the best mortgage refinance companies for 2021 Fox Business
Mortgage Refinancing Initiative to Help Lower-Income Borrowers The Wall Street Journal
Today's mortgage refinance rates see little change as market holds steady | April 1, 2021 - Fox Business
Today's mortgage refinance rates see little change as market holds steady | April 1, 2021 Fox Business
Jumbo Mortgage Refinance Rates for July 2021 NextAdvisor
Fannie Mae’s refinance program for lower-income homeowners starts next week. Here’s what to know - CNBC
Fannie Mae’s refinance program for lower-income homeowners starts next week. Here’s what to know CNBC
Refinance Terms & Rates | Refinance Chase News & Stories
Today's mortgage refinance rates rise across all terms for the first time in 66 days | June 17, 2021 - Fox Business
Today's mortgage refinance rates rise across all terms for the first time in 66 days | June 17, 2021 Fox Business
Current 30-Year Refinance Rates for July 2021 NextAdvisor
15-Year Mortgage Refinance Rates for July 2021 NextAdvisor
Everything You Should Know About The New Mortgage Refinancing Fee That Goes Into Effect Dec. 1 - Forbes
Everything You Should Know About The New Mortgage Refinancing Fee That Goes Into Effect Dec. 1 Forbes
Today's 15-year mortgage refinance rates plunge .250 points in 30 days | May 19, 2021 - Fox Business