Are you thinking about refinancing? Before you start shopping for a loan, you need to work with a lender to get pre-approved for a mortgage. Pre-approval is essentially a promise from the lender that you’re qualified to borrow up to a certain amount of money at a specific interest rate.
But is that all you need to do?
Oftentimes borrowers who have gone through the pre-approval process find out at the last moment that they cannot get the loan because the appraisal did not “come in”.
What does this mean? This simply means that the appraiser’s value opinion of the home was not high enough for the loan company to loan on it. In other words, the value of the home could be lower than the proposed loan amount, or the loan company may want to see that the house appraised for more than what they want to loan out.
Needless to say, this can be very frustrating.
Many borrowers have used Atlanta Condo Appraiser to avoid this kind of situation. Atlanta Condo Appraiser specializes in giving borrowers a good idea of what their home is worth, before they start the loan process with a pre-loan appraisal.
There are several advantages to investing in a pre-loan appraisal from Atlanta Condo Appraiser. By knowing what your home is worth, you will be able to decide if it is worth your time and energy in pursuing the refinance loan. This may save you a significant amount of money in additional appraisal fees to the lender during the loan process. Additionally, should the lender’s appraiser have a significantly different value opinion, you will already have second professional’s opinion as a backup — which may be used to successfully dispute the lender’s appraisal, and possibly result in successfully closing of the loan.
Pre-loan appraisals from Atlanta Condo Appraiser have saved many condo owners time and money during their pre-approval process.