15 Dec 2023
By 24hr Mortgage

Unraveling the Impact of Appraisal Value

Mortgage, ,
The journey to homeownership is a thrilling adventure, but it comes with its fair share of challenges. One crucial aspect that can significantly influence the mortgage process is the appraisal value of your prospective home. The appraisal value plays a pivotal role in determining the amount a lender is willing to extend to you, making it essential to understand its impact. We will explore the intricacies of how appraisal values can affect your mortgage and provide valuable tips on handling discrepancies. Understanding Appraisal Value:An appraisal is an unbiased estimate of a property's fair market value conducted by a licensed appraiser.…
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26 Sep 2023
By 24hr Mortgage

What Does Contingent Mean on a House Sale

Home Buyer Tips, ,
In the context of a house sale, "contingent" typically means that the sale of the house is dependent on certain conditions being met. These conditions could include things like the buyer securing financing, the completion of a home inspection, or the sale of the buyer's current home. For example, if a buyer makes an offer on a house and the offer is accepted by the seller, the sale may be contingent on the buyer obtaining financing within a specified period of time. If the buyer is unable to obtain financing, the sale may fall through. Another common contingency is a…
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21 Aug 2023
By 24hr Mortgage

What Do Appraisers Consider When Valuing a House?

Mortgage, ,
Appraisers consider several factors when valuing a house to determine its fair market value. The goal of the appraisal is to provide an unbiased and accurate assessment of the property's worth. Here are the key factors appraisers consider: Location: The location of the property is one of the most critical factors in determining its value. Proximity to amenities such as schools, shopping centers, parks, public transportation, and the overall desirability of the neighborhood can significantly influence the value. Size and layout: The square footage and layout of the house play a crucial role in its valuation. Larger houses generally have…
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07 Jun 2023
By 24hr Mortgage

What You Need To Know About Your Home Appraisal And Your Mortgage

Mortgage, ,
When buying a home, there are certain steps a buyer should go through before the home sale is official. First the buyer makes the offer, then the offer is accepted. Next the buyer schedules the inspection and home appraisal. Finally, everyone is ready for closing. It’s easy to overlook the impact of some of these steps, but when it comes to a mortgage, the home appraisal is actually quite important. Banks want to see that they are lending money for an investment that is worthwhile, so that appraisal is a crucial step to getting financing. Here is what buyers need…
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17 May 2023
By 24hr Mortgage

What You Need To Know About Your Home Appraisal And Your Mortgage

Mortgage, ,
When buying a home, there are certain steps a buyer should go through before the home sale is official. First the buyer makes the offer, then the offer is accepted. Next the buyer schedules the inspection and home appraisal. Finally, everyone is ready for closing. It’s easy to overlook the impact of some of these steps, but when it comes to a mortgage, the home appraisal is actually quite important. Banks want to see that they are lending money for an investment that is worthwhile, so that appraisal is a crucial step to getting financing. Here is what buyers need…
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06 Jul 2022
By 24hr Mortgage

An Overview Of A Drive By Appraisal

Mortgage, ,
If you are applying for a home loan of any kind, there is a high likelihood that your lender will require a home appraisal. An appraisal is done to figure out how much your home is actually worth because the lender does not want to lend you more money than you could theoretically sell the home for in the future. There are some situations where the lender might be fine with a drive/by appraisal. What does this mean? Comparing A Traditional Appraisal To A Drive By Appraisal A traditional appraisal is a very thorough process where the appraiser comes to…
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