Mortgage Loans In SAN LUIS OBISPO CA
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In this Article we shall focus on answering some common queries of San Luis Obispo CA mortgage borrowers:
What is a Home appraisal?
When you apply for refinancing or when you are buying a home. Appraisal required. An Appraiser is a licensed person who has undertaken a course to evaluate the property value of the home owner.
How Do Appraisal affect San Luis Obispo CA mortgage borrowers home loan?
Lenders require appraisal of the property as its the collateral against which the lender is lending the money. How this can affect your mortgage is. If the value of the home comes in higher. It could mean that you qualify for a lower rate, though not necessarily and if it comes in lower than what you expected it could mean a rate higher than what you were told though not necessarily.
So Appraisal makes an impact on the terms of the mortgage.
When do you get an Appraisal?
When you are buying a home the lender would require you to go for an appraisal as its the collateral value against which the sum will be lent. Or when you wish to sell the home, you may want to get an appraisal done so that you know what the market value of the property is compared to other houses similar to yours to determine the ask price.
How much does an Appraisal cost?
An Appraisal now a days typically cost $ 550. It also depends upon the type of mortgage and how far is your home from the appraisals work place.
What do the Appraisers look for when they value the home?
Appraiser would look for the quality of construction, similar house values in the neighbourhood, how well kept is the property, any upgrades made to the property, leaky roof or any other faulty things that may come to the notice before he assigns the value.
What can you do to increase the appraised value of your home?
Make sure your home and yard are clean the day the appraiser comes by. Any thing that is broken must be fixed. Any major remodelling that you may have done recently contributes to higher value.
Call San Luis Obispo CA mortgage expert below to get you the lowest mortgage rate on your refinance.
For more information visit www.affordable-payment.com or call 323-705-3191 if you are a California Mortgage borrower.
30 yr fixed refi 3.807% APR 3.775%Rate | At 0 pts
20 yr fixed refi 3.500%APR 3.500% Rate | At 0 pts
15 yr fixed refi 3.044%APR 3.000% Rate | At 0 pts
10 yr fixed refi 2.940%APR 2.875% Rate | At 0 pts
Artical by Roger Shanker
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