The Appraisal Process. The higher the appraisal, the more equity you have and the more you can borrow. The appraisal can also lower your interest rate if it tells the lender that your home’s value makes it a good risk. And, if you’re paying mortgage insurance on your current loan, a high valuation may eliminate it if your loan amount stays below 80.
A third way to work around a low appraisal is to increase the size of your down payment so that you don’t have to borrow quite as much. For example, let’s say you’re buying a $200,000 home and you originally planned to put down 20%.
This means you can potentially shave 7-10 days off the time it takes for loans to close, and save your borrowers in some instances up to $300 to $700 on the appraisal. are often buying a home for.
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In both cases, the sum of your first mortgage plus the new second mortgage typically can’t exceed 80% of the value of your home. For example, if you had a $220,000 first mortgage on your $300,000-valued home, many lenders would consider giving you a second mortgage (fixed or HELOC) for up to $20,000.
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Appraisals are needed to ensure the homebuyer, the home seller and the mortgage lender receive the accurate and true value of the real estate in question. In most residential property transactions you are able to choose your real estate agent and your lender, but you cannot choose your appraiser.
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Eight Ways You Can Improve Your Home Appraisal. The loan squeaked through, after the bank crafted an exception for the Mays. It was able to do that because their loan was a jumbo loan, not subject to the more rigid underwriting standards they would have encountered if it were a conventional loan aimed at secondary buyers like Fannie Mae and Freddie Mac.