As a homeowner or real estate investor, it's important to understand the appraisal process in order to prepare for any possible scenario. One question that frequently arises is, what happens if my house appraises for less than the purchase price? Firstly, it's important to know that loan amounts are based on the lesser of the purchase price or the appraised value. So, if the house you're interested in buying appraises for less than the purchase price, you have a few options. One option is
Appraisals, Title & Insurance
Low Appraisal: Steps to Save Your Mortgage Application
What do I do when my Appraisal Comes in low? Appraisals missing value by a lot or just a little has been on the rise. I have disputed more appraisal in the last two years than in the previous 14 yrs of my career. However, if this happens to you know that you have options, as with life the mortgage industry has many exceptions to the rules & there is a process for disputing the value of any appraisal for purchase or refinance. The good news is, you do have
What to Know About Title Insurance: Protecting Your Home Purchase
What Is Title Insurance And Why Should You Have It? Title insurance protects the insured from a financial loss related to the ownership of a property. There are two policies involved in a home loan closing. The first is the lender’s policy, which is required, and the second is the owner’s policy. Both are a one-time, upfront cost that will be included on the settlement statement to be collected at closing, not a monthly premium that will be added to your mortgage payment. What Is A
