Opinions or value estimates based upon knowledge, experience, and a study of pertinent data, appraisals are sought from qualified individuals with no financial interest in the loan transaction.
Appraisals are used to verify:
- Value of a property to be purchased, refinanced, or improved
- Value of land to be used in new construction
- Value of property used toward a down payment, such as the market value of rental prices from an income property
Published values are used to estimate the value of a personal property you plan to sell to fund a down payment. Examples include:
- Automobiles
- Recreational vehicles
- Stamp, coin, or baseball card collections
Tips for a smoother application process
- Make sure documents are clear and legible.
- Don't alter any pages (no strikethroughs, cross-outs, etc.).
- Send all pages, even the blank ones.
