Home appraisals are used to determine the current market value of the property you wish to purchase or refinance. This information is essential when determining your loan amount.

Before your loan can be processed, the lender will hire an outside company to assess the property's market value. This process takes only a few minutes and involves estimating your home's value based upon:

Comparable properties in the neighborhood that have sold recently and their sales prices
General condition and age of the home
Size of home and property
Location of the home
Features of the home (i.e.: number of rooms and amenities)
Major structural improvements
Sought-after architectural features