Whether you’re looking to buy your first home or you’re refinancing a home loan you already have, one of the crucial steps in the loan process is a home appraisal. Getting an appraisal is required when obtaining a VA loan. It’s extremely important that your lender doesn’t approve a loan for an amount more than the value of the home or property. The appraisal process is usually a precaution in verifying the loan and only a VA approved appraise can assist you though the appraisal process.
The sooner you start the appraisal process the better, appraisals can take anywhere from a couple days to a few months, however the inspection it’s self usually only takes about 15 minutes. Having your appraisal set-up or even completed in the early stages of the home loan process can help save time and can also address any issues found during the appraisal to ensure they are completed before closing.
Appraisals can be requested though the US Department of Veteran Affairs and you’ll want to make sure you are using a VA approved appraiser, this will help save time during the home loan process and avoid any biased assessments of the home or property.
The Cost and Process of Appraisals
The cost of an appraisal can vary depending on where you live, but the average price is roughly $300 to $500. The cost of the appraisal can either be added to the loan or paid in advance. During an appraisal, the VA-approved appraiser will search the home or property for any safety and health issues, but they are not the same as a home inspector. If you want someone to search the property for code violations, you will need to hire another individual to inspect the home, which will come with separate fees.
VA appraisers not only help appraise your home, but they can also verify that the home is in a condition considered livable. The VA appraiser is going to be looking for any possible safety hazards that could potentially put the occupants at a risk and any issues found will have to be fixed before you can close on the house. The main purpose of an appraisal is to determine the value of the home.
Keep in mind, if you’re buying a new home or refinance an existing loan the best time to start the appraisal process is in the beginning stages of the home loan process. You’ll need to make sure your appraiser is VA approved and be sure to shop around to multiple VA approved lenders as well in order to guarantee a smooth quick and easy loan process.
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