Mortgage Appraisals (for Purchases or Refinances)
The primary purpose of getting an appraisal when applying for a mortgage for the purchase of a property (or the refinance of an existing home mortgage) is to determine its current market value. This helps the lender determine or not the loan is a good risk.
In New York State, an appraisal for a mortgage-related transaction must be licensed or certified by the state to perform real estate appraisals. For homes with a value under $1,000,000, the appraiser must hold the title of "Licensed Real Estate Appraiser." For homes with a value over $1,000,000, the appraiser must hold the title of "Certified Real Estate Appraiser."
If you are applying for a FHA insured loan, your appraiser must be on the FHA's approved appraiser list. Here at Appraisal Source, all of our appraisers are New York State Licensed or Certified, we're also FHA approved.
When you work with us, you can rest assured that you've hired a professional with the credentials, experience and local area market knowledge to provide you with an accurate appraisal of the highest quality.
Please call us today at (516) 642-4369 if you have any questions or would simply like to schedule an appointment - one of our appraisers is always available to take your call.
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