You often hear about “waiting for the home appraisal” as being a make or break scenario for obtaining a loan. Why is the appraisal process so important? An appraisal helps the lender determine the loan amount based on the value of the property. The higher the appraised value, the more amount of money the financial institution is willing to lend.

Certified appraisers consider a variety of factors when determining an appraisal. They will examine the property’s interior and exterior, overall home condition, upgrades and extra amenities and square footage. The home is also compared to other similar nearby properties in terms of price and value which may influence the final appraised value.

The appraiser completes a report, along with photographs, that is submitted to the client and or the lender’s underwriting department. The lender will use the report to make a final loan decision which is communicated to the client.

Learn more about the process AmeriFirst takes to determine your loan. We have professional lenders on staff who are ready to assist you and answer any questions about the appraisal process or any aspect of mortgage lending. Contact us today at 800-466-5626 or send us an e-mail request.

Source: eHow.com