Determining Property Value
There are certain guidelines that the applicant must meet in order to refinance and one of them is to verify property value. This is usually done by way of an appraisal and/or inspection report. Lenders will condition this in the commitment and will provide an approved appraisal list or an online automated appraisal service that they mandate us to use. In turn, we order the appraisal on your behalf. That appraiser will then contact you and determine a convenient time for both parties. This report is sent directly to the lender. In some cases, we will order the appraisal ahead of time (we will find out who the approved appraiser is) if we think that the value might present a tight margin for the ratios we are using for you to qualify. Again with a refinance it is 80% loan to value. Once the value is determined we then proceed with your mortgage transaction.