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Mortgage Financing

One of the most common purposes of appraisal reports is to finance a mortgage. Mortgage appraisals are usually requested when an applicant is applying for a mortgage loan. When purchasing or re-financing real estate property, the applicant takes out a loan from the bank.

A re-finance can be requested when, for example, the interest rate on the loan drops within the number of years that the applicant is scheduled to pay. The case may be that when the applicant takes out the loan, the interest rate is at 5%. However, two to three years later, the rate drops to 4%, and the applicant wants to avail of this lower rate. In this case, he may apply for a re-finance.

In the process of taking out a loan, the bank must obtain an appraisal report on the property in order to approve a loan for the applicant. This is where the real estate appraisers come in. Real estate appraisers provide the unbiased, professional value of the property in question. With their experience and expertise, they give an educated guess to ensure that the value they present is as accurate as possible. The appraisal report is then used to determine the market value of the property. This serves as the bank’s basis in coming up with a value for an approved loan for the applicant.

The appraised value of the property is then used not only by the applicant, but also by the mortgage broker when finding the ideal lender, and the lender himself when considering the mortgage agreement.

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