Mortgage Process · Step 2
Appraisal stage.
Video coming soon
An appraisal is a third-party professional evaluation of a property's value, used to help determine your loan amount. On conforming loans, appraisers are chosen at random from a pool of qualified professionals, so neither the borrower nor the lender selects who inspects the home.
What an appraiser looks at
- The site: location, lot size, utilities, and zoning
- Design: quality of construction and finish work
- Condition: age, upkeep, renovations, and upgrades
- Health and safety: structural integrity and code compliance
- Size: above and below grade living space
- Neighborhood: how the home compares to nearby properties