Home Buying Coarse
IN THIS LESSON
Overview
The appraisal ensures the home is worth what you’re paying. Lenders won’t approve a loan for more than the appraised value. At the same time, you’ll finalize your homeowner’s insurance, which is required before closing.
Behind the Scenes
The lender orders the appraisal through a third-party company.
The appraiser evaluates comparable sales and the property’s condition.
If repairs are required for loan approval (common with FHA/VA), they must be completed before closing.
Key Points
If the appraisal is low, we’ll strategize: renegotiate with the seller, challenge the report, or cover the difference (if comfortable).
Shop multiple insurance providers — coverage and premiums vary.
Proof of insurance must be delivered to the lender prior to closing.
Tip: Insurance + property taxes are usually collected monthly in your escrow account. This is why your mortgage payment can fluctuate yearly.
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