When applying for a loan through First Ohio Home Finance, Inc., it is required that you to get an independent appraisal. Since you cannot schedule an appraisal before filing your application, doing so immediately after is the best way to keep the process moving.
Here’s what you need to know about the appraisal process:
- After you have applied for a home loan it is important to hire an appraiser. The purpose of hiring an appraiser is to help the lender to figure out how much money is needed to lend a borrower for a mortgage loan.
- A home appraisal can determine the value of a property based on its condition and the value of similar homes sold within the area.
- Finding a good, reputable appraiser is a very important factor when going through the home loan process. Here at First Ohio Home Finance we have an approved list of appraisers who are insured, have at least five years of home appraisal experience, and are familiar with the housing marketing and trends in your specific area or neighborhood.
- When deciding between appraisers, it is important to remember that the cost can vary slightly. The national average cost for a home appraisal by a licensed professional varies between $300 and $400. The appraisal typically takes about two hours to complete. After the appraisal is completed, it is important that you request a copy of the appraisal for yourself. This is a great tool to have to help you track the appreciation of your home after you purchase it.