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The Yi Team Mortgage

Mortgage Experts in Rockville, MD

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    • Apply with Christa Fitch, NMLS #1792406
    • Apply With Chong Yi, NMLS #198732
    • Apply With Derek Harman, NMLS #882287
    • Apply With Erin Finke, NMLS #536279
    • Apply With John Walowac, NMLS #1414681
    • Apply with Jon Ingram, NMLS #1076922
    • More About Each Mortgage Advisor

What Is A Home Appraisal?

MORTGAGE 101

What Is A Home Appraisal?

Welcome to Mortgage 101. We help home buyers and realtors understand home loans. You’re in the right place if you’re thinking of buying your first home, if you’re moving to your next home, or if you’re ready to refinance your existing loan.

What Is A Home Appraisal?

A home appraisal is a report that is drawn up by a licensed appraiser. The appraiser must be licensed in the state where the home is located.

An appraisal is an expert opinion of value of the property in question. The appraiser assess the particulars of the home and compares those details to other homes around it to determine the value of the home.

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Why It Matters

The property must appraise for at least what you have agreed to pay for it. Or, make sure there is enough collatoral in the home for the loan you want to get. This applies whether you are applying for a refinance, or a home purchase.

The lender uses a appraisal to determine the amount of risk involved in the loan.

Why Do You Need An Appraisal

Sometimes an home appraisal is not required for a home loan. Each loan is different and has different requirements.

An appraisal protects the borrower so they’re not overpaying for a property. An appraisal protects the lender to ensure that the money they are lending is the equal to the value of the home.


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CONTACT US

Chong Yi, CMPS
Producing Branch Manager
Apex Home Loans
NMLS #198732
240-763-1101
chong@theyiteam.com
15245 Shady Grove Road, Suite 430
Rockville, MD 20850

 

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© 2021 Apex Home Loans, Inc. NMLS #2884. For more information regarding licensing for all states in which Apex is licensed, please visit the NMLS Consumer Access Website at https://nmlsconsumeraccess.org. Licensing information as required by GA & NJ: Licensed as a Mortgage Lender by the GA Department of Banking & Finance (61858); Licensed by the State of NJ Department of Banking and Insurance as a Residential Mortgage Lender (2884)