Category Archives: Appraisal Facts

PMI Removal Appraisals

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Private Mortgage Insurance (PMI) allows individuals to purchase their home with less than a 20% down payment. It actually protects the lender or investor in case a borrower stops paying. PMI is a requirement for homeowners who purchase their homes with conventional financing and have put less than 20% down payment. Therefore, PMI is notPrivate Mortgage Insurance (PMI) allows individuals to purchase their home with less than a 20% down payment. It actually protects the lender or investor in case a borrower stops paying. PMI is a requirement for homeowners who purchase their homes with conventional financing and have put less than 20% down payment. Therefore, PMI is not collected for those who purchased their home with down


Property with Limited Comps

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When appraising a home, there are a multitude of factors appraisers must consider when determining its final market value. Most everything that a typical real estate buyer would look for in a home needs to be weighed by the appraisers. This includes everything from neighborhood marketing time, to proximity to flood zone, to zoning andWhen appraising a home, there are a multitude of factors appraisers must consider when determining its final market value. Most everything that a typical real estate buyer would look for in a home needs to be weighed by the appraisers. This includes everything from neighborhood marketing time, to proximity to flood zone, to zoning and school districts. The major factors used in developing an


Determining a Homes Worth

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Purchasing a home is a large financial investment. Between down payments, mortgage rates and closing costs, it’s important for homebuyers to make sure they’re paying the right amount. Many factors go into a home’s worth, whether it’s current market conditions, location or any number of other components. When coming up with a purchase offer, prospectivePurchasing a home is a large financial investment. Between down payments, mortgage rates and closing costs, it’s important for homebuyers to make sure they’re paying the right amount. Many factors go into a home’s worth, whether it’s current market conditions, location or any number of other components. When coming up with a purchase offer, prospective buyers should take these factors into


What is a Comparable?

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Most major mortgage lenders require at least three comparable properties to be included in every appraisal report. However, the appraiser analyzes all sales in the neighborhood in order to develop market trends, even if they choose not to use them in the appraisal report. But that leaves us asking why? Why were some sales ruledMost major mortgage lenders require at least three comparable properties to be included in every appraisal report. However, the appraiser analyzes all sales in the neighborhood in order to develop market trends, even if they choose not to use them in the appraisal report. But that leaves us asking why? Why were some sales ruled out and why were others used as comps in the report? You will find


How to Prepare for an Appraisal

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There are a few things you can do before your inspection date to ensure a seamless appraisal. For reference, an appraisal determines a properties worth, so a bank doesn’t overcompensate when lending clients money for a mortgage. Before having an appraisal done, it’s important to be prepared. To help ensure that your appraisal goes smoothly,There are a few things you can do before your inspection date to ensure a seamless appraisal. For reference, an appraisal determines a properties worth, so a bank doesn’t overcompensate when lending clients money for a mortgage. Before having an appraisal done, it’s important to be prepared. To help ensure that your appraisal goes smoothly, here is a short checklist: Clean house – Though