What is the purpose of a home appraisal?
A home appraisal is generally required by the lender in order to establish that the value of the home will be sufficient collateral for the amount of the loan. The appraisal fee is generally paid by the buyer, sometimes required at the time of the loan application but typically paid at the time of inspection by the appraiser .
A home appraisal is done by an independent appraiser who will generally visit your home and inspect the interior and exterior. However, the appraiser is not performing the same service as a home inspection. Generally, home improvements or the cleanliness of the interior will not add to or diminish the appraisal value. The appraiser considers many other factors, beyond the inspection, to establish the fair market value, such as comparable values, historic sales and market demand for that area.
The appraisal protects the lender, and benefits the buyer or home owner by:
UMAX Mortgage offers mortgages in Ventura County, Los Angeles County, and throughout the state of California. Julie Cline is licensed by the CA Department of Real Estate #01743818.
If you have any questions about California jumbo loans, California jumbo conforming loans, or California FHA jumbo loans, feel free to contact Julie Cline at 866-599-8480 or on the web at http://www.umaxmortgagecalifornia.com.
Please note: this article is not intended as tax, financial or legal advice. Please obtain advice about your specific situation before making financial or legal decisions.
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