appraisals

Basic Steps for Buying a Home

Julia

home-for-sale-sign

Note: Your agent and lender will help you through all these steps!

Step 1: Start Searching Early—Homes frequently appear very different in person than they do on line.

Step 2:  Find the right real estate agent and lender: We can help at LDSAgents.com

Step 3: Determine how much you can afford by getting “Prequalified” for a home loan. See our video on “Prequalification”

Step 4: Shop for your home with your agent – This is the fun part!

Step 5: Get an Inspection – Your agent will help select a local inspector.

Step 6: Work with your lender to select the best loan for you. See our video on “Conventional, FHA, and VA loans”

Step 7: Have the Home Appraised—Your lender will normally take care of this (the appraised value must exceed the loan amount by certain criteria).

Step 8: Wait for funding to be approved by the “underwriter”.

Step 9: Meet with the title company or with the closing agent (depending on your state) to close the loan and the purchase. We recommend that you watch our video on “Closing Costs”

 

 

What Is The Appraiser Appraising?

Julia

Know how an appraiser determines the value of your home.

Banks and mortgage lenders need appraisals to assist them in figuring out how much money to lend someone for a home loan. There are many different aspects of a loan application that the banker has to consider, but mortgage lenders always require an appraisal since the real estate will be the collateral for the mortgage loan.

A visit from an appraiser is an inevitable part of selling your home. Even if your buyer is happy to pay what you ask and loves the place, the lender will still require that an objective third party – in the form of a professional appraiser – come through the home to determine its value. . It is certainly worthwhile to know what an appraiser will look for. The questions that many home owners ask me is “how does the appraiser determine the value of my home”? Read more →