Click each square below to see notes on each step of the loan process.
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If we have received your loan application we have likely ordered the appraisal already. The appraiser, using recent comparable sales, will let us know what the value of the home is. The requirements are usually that the ‘comps’ be no older than 3-6 months, but sometimes due to a lack of data the appraiser uses older comps. The final value is determined by looking at square footage, number of bedrooms and bathrooms, condition, location, parking, floor plan, fireplaces, lot size, and more. The value of a home is ultimately what a buyer is willing to pay for it. That value must be justified to the bank providing the financing which is done with an appraisal. We will send you a copy of the appraisal.