Understanding the Home Appraisal
Understanding the Home Appraisal
The Home Appraisal is required by your mortgage lender so that they can determine the value of your home compared to the sales price. The home appraisal is ordered by the mortgage lender through a independent third party called an appraisal management company or AMC for short. The AMC will assign a licensed appraiser to take the order. The mortgage lender and the borrower are not allowed to know who the appraiser is prior to the inspection of the home and the completion of the appraisal report. This rule is to ensure that the lender and the borrower do not try to influence the appraiser’s opinion of value. The appraiser’s opinion of value on the home appraisal report is called the “fair market value” of the property. If you would like to get started on a mortgage loan to purchase or refinance a home, give the John Thomas Team a call at 302-703-0727 or APPLY ONLINE
