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Mortgage Appraisals

A home purchase is likely one of the largest and most important investments you make, and the appraisal process is an essential part of obtaining a mortgage. We have resources to help you through the process and answer your questions, including details on the process.

Did you know:

  • Market Value, Tax Assessed Value and Construction/Replacement Cost can each be different values for the same home.
    • Market Value: The most probable price your home would sell for in a competitive and open market.
    • Tax Assessed Value: The value assigned to your home to measure appropriate taxes. This is typically performed as a mass appraisal based on limited information such as only the exteriors of homes, or generalized neighborhood data, and based on an overall index.
    • Construction Cost: All costs paid to construct and complete the build or renovation of your home.
    • Replacement Cost: The cost to rebuild your home if it’s damaged or destroyed. This value is typically used for insurance purposes.
  • Appraisers act independently from the mortgage lender. Appraisers would not have access to previous appraisals or mortgage details, nor would they be privy to any current home loan or application provided to your lender.
  • The appraisal inspection is a step within the overall appraisal process. Much of the process happens offsite and includes research of the home, neighborhood, real estate market, construction costs and comparable property values.

Our mortgage lending team members are available to answer any questions you have on the appraisal or general home buying process. We look forward to working with you and providing guidance through-out the process.