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