Appraising single family residential homes for lenders, The Federal Housing Administration (FHA) and The Department of Veteran Affairs (VA) is the cornerstone of our business here at Maryland Appraisal. We cover a number of the most densely-populated counties in Maryland and we are certified to appraise properties that are worth more than one million dollars. A single family home simply means that one family lives there and can refer to a house or a condominium.

The mortgage lending appraisal plays a key role in the financing process, both for a purchase and for a refinance, thus it’s important to understand the mortgage lending appraisal process. In a purchase transaction, the appraisal is used to confirm whether the purchase price is a true market value. In a refinance, the appraiser assesses the value based on market conditions and comparable sales, with no consideration of the loan amount or value estimate of the borrower or the lender. The appraiser also looks for any defects in the home, and if necessary, recommends repairs to be completed prior to loan closing.

The home appraisal process can be a frustrating experience for homeowners, especially in a refinance, because this is one aspect of the process over which they have very little control. The value determined by the home appraisal service sometimes seems arbitrary. What homeowner’s often fail to realize is that the appraisal process is equally frustrating to lenders since they also have no input in this aspect of the loan transaction. The appraiser has no affiliation with the lender.