Archive | June, 2016

How Lenders Determine the Value of a Home

When borrowing for a home purchase, to refinance a mortgage or a when applying for a home equity loan, lenders determine the property’s value through a process called an appraisal. An appraisal is an estimate of a home’s value. To ensure objectivity, the appraisal is done by a third party. The lender requires the borrower to get an appraisal to make sure the value of the home will support the loan. Although the lender requires the appraisal, the borrower often must pay for it. Appraisals usually cost somewhere between $200 and $400. Read More

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