How to Get a Mortgage
Meet the Real Estate Appraiser

How to Get a Mortgage: Meet the Real Estate Appraiser is your guide to the mortgage borrower's Dream Team. You've already met your real estate agent, lender, and home inspector. Now let's get to know your real estate appraiser.

The Local Real Estate Appraiser

Four home appraisers we used over the years stand out in my mind.

1. Les from Scotland, accepted all invitations to a cup of tea.
2. I teased my female Realtors of creating property issues to spend more time with the second appraiser. Yes Mike was that cute.
3. The third appraiser, Ernie an intriguing bookworm, loved antique books, appraising only to pay the bills.
4. Creative Larry designed a jacket after 9/11 with "APPRAISER" in huge yellow letters to ease a client's mind while he tromped about the home.

Real Estate Appraisal vs Comparative Market Analysis

The main job of a real estate appraiser is to prepare a market appraisal for a mortgage lender. By comparing a sales price to three similar transactions, a real estate appraiser assigns market value to homes.

Mortgage lenders rely on a real estate appraiser. Their calculations assist a lender in determining the amount of money home buyers can borrow.

What should you do if your mortgage lender disagrees with your appraised value? Go to home appraisal tips for low values.

Don't fall into the trap of thinking the real estate appraisal should assure you of getting a good deal.

Your Realtor and you will have completed a comparative market analysis (CMA) before making an offer. Comparisons of active listings to recent sales are what tells you, the home buyer, that you obtained a good deal.

Tip: As I have said before in FHA Appraisal, the house appraisal is primarily for the mortgage lender. The home inspection checklist is primarily for the buyer.

How to Get a Mortgage - Protect Your Ownership

Next in the How To Get A Mortgage series - Understand why you can't do without this member of the Buying A House Dream Team. See how title insurance companies help you protect your ownership and maintain possession of your home.

Readers Ask Kate and Discuss Appraisals

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Ask Kate how to Get a Mortgage

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Learn More About Your Dream Team

How to Buy a House Part 1 Meet your real estate agent and save yourself heartache and headache.

How to Buy a House Part 2 Meet your mortgage lender - Expect more than quoting the lowest rate or taking an application.

Check out List of Mortgage Companies, a local lender directory.

How to Get a Mortgage Part 3 Meet your home inspector and avoid buying a money pit.

How to Get a Mortgage Part 4 Meet your real estate appraiser - Does an appraisal assures you of a good deal?

How to Get a Mortgage Part 5 Meet your title insurance companies for coverage resulting in peace of mind.

How to Get a Mortgage Part 6 Meet your homeowners insurance agent because there is more to it than the cheapest quote.

How to Get a Mortgage Part 7 Meet your escrow and closing disclosure form, the guardian of your real estate transactions.

Title, Abstract Services and Escrow Agents, a mortgage service provider directory.

How to Buy a House Questions and Answers II.

How to Buy a House Questions and Answers I.

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