Do you already have a loan in processing? Click here to learn how to keep the process running smoothly and ensure your loan closes on time! Already closed on your mortgage loan? This is the place to keep current on real estate trends, property taxes and more!
What happens during the appraisal?
The primary purpose of the appraisal is to determine the value of a property using similar properties called "comparables."
Most mortgage loans come with an impound account for paying property taxes and homeowner's insurance. Impound accounts are pre-funded at closing. And an impound (or escrow) analysis is conducted by your lender once a year.
Do you already have a loan in processing? Click here to learn how to keep the process running smoothly and ensure your loan closes on time! Already closed on your mortgage loan? This is the place to keep current on real estate trends, property taxes and more!