The home appraisal process is extremely important when purchasing a home. Once you are under contract (or starting the process of refinancing) your mortgage lender will order an appraisal from a licensed home appraiser. It’s important to note that many large banks and national mortgage companies use what is called an Appraisal Management Company or AMC when doing this. Typically this is not a preferred way to get an appraisal. AMCs typically take longer and will sometimes use appraisers that do not know your local market. At Alpha Mortgage Advantage we order our appraisals in-house and ONLY utilize local appraisers with expert knowledge of our region.
In the past an appraisal would typically cost between $450-$550 and take approximately 1-2 weeks to arrive. In todays hot market appraisals have gone up an average of $100 in cost and can sometimes take as much as 3-4 weeks to arrive depending on the type of loan. This is why it is so very important to utilize a local lender who likely has a good business relationship with their appraisers and can sometimes receive them faster than a large national company can.
If you have any questions about the appraisal process or anything mortgage related please feel free to call/text me at 910-250-8888 or email joey@joeymilam.com.
As always, if you have questions about mortgage guidelines, terms or rates please call/text me at 910-250-8888. I proudly serve the Wilmington, Leland, Hampstead, Jacksonville, Southport areas and am licensed in all of North & South Carolina and Virginia!apply online: www.JoeyMilam.com
call/text 910-250-8888
