A home inspection begins the appraisal process. The appraiser looks at both the exterior and interior of the home, noting the overall condition. He or she will measures the perimeter to establish square footage, takes pictures of the home. Then your Appraiser will compares this property to other similar recently sold homes in the area. These properties are called "sale comparable." Following this adjustments to the sale comparable to make them as similar as possible to the subject property. Traits deemed inferior are given positive adjustments and vice versa. Your appraisal will also take pictures of these homes as well. All of this information, in addition to other relevant data, is compiled in an appraisal report.
The appraisal report is delivered to the lender then forwarded to the underwriting department for review. Most of the time the appraisal is accepted right away. In some cases, the underwriter will ask for additional information or clarification.
Owning a home allows you to save money on your taxes each year which includes property taxes, mortgage interest and other expenses. In addition with homeownership in many cases your can apply for and obtain cash from your home or a line of credit based on the value of your home. Depending on the loan terms the homeowner selected , there is no worry about monthly housing payment increases as often seen with renters. Not only are there financial benefits in owning a home, but there are fun benefits such as having the freedom and flexibility to remodel, decorate and landscape your home as desired. Please ask us for more details.
A credit score is a numerical expression of a person's credit files. These files represent the creditworthiness of the person. A credit score is primarily based on the information reported by the credit bureaus. Lenders select the credit the "middle" score from on of the three credit bureaus in most cases. The bureaus are Experian, Equifax and Transunion. Credit scores generally range from 300 to the low end to 850. There are 5 caregories that your credit score is based upon which are : Payment History, Amounts Owed on Accounts, Types of Credit, Age of Credit History and New Credit Inquires. Ask your loan professional for more information
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At Assurance Mortgage & Finance we are here to help meet your home ownership goals through positive financial results.