Found 1 blog entry tagged as home appraisal.

By: Daniel Boxman of United Northern, NMLS ID# 1077102

What is a home appraisal and why do lenders need to know my home’s value?

An appraisal is a report that outlines an appraiser’s professional opinion of your property’s value at a specific point in time, based on specific factors. These factors include the location of the property, square footage, age and room count. The appraiser will also take into account what comparable properties have recently sold for in your area. 

Whether you’re refinancing or buying, a bank must have a good idea of the value of your home because it determines your maximum approvable loan amount. Once they have your home’s value, they can determine your loan-to-value ratio. Your loan-to-value ratio is one of the…

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