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Appraisals. Why do lenders request for appraisals?

If you are a current homeowner or previously been a homeowner, you may have already heard the term “appraisal” when obtaining mortgage financing. When you purchase or refinance a home, in many cases, lenders require an appraisal from an independent appraisal company. The purpose of an appraisal is for the lender to determine the value of the property.

Here’s what you need to keep in mind, when getting your home ready for an an appraisal:

1. House keeping – the appraiser will be focusing the structure of the house. However, decluttering and tidying up the interior and exterior will help make a good impression, as photographs will be included in the final appraisal report.

2. Do minor repairs prior to your appraisal. E.g: fix leaky faucets, missing door handles, trim or siding prior to the appraisal.

3. Make sure all interior and exterior areas of the property are accessible. E.g: entry to the attic/crawl space is clutter free.

If you are looking to purchase or refinance, contact the experts at at 1.866.452.1100 to discuss your next steps.