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Does appraisal mean approved?

I am a first time home buyer and anxiously waiting for my approval. The bank appraised the house we would like to purchase today and I am wondering if the appraisal means I am approved? by Csmitz88704 from Fort Lauderdale, Florida. Mar 24th 2017 Reply

William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

No.. The appraisal is when the lender sends out an inspector to evaluate the property to be sure it's worth what you are paying for it. They determine the value of the property and also check to be sure the property meets underwriting/investor standards and guidelines.. Just like you and your personal/financial information has to go through underwriting, so does the property need to be underwritten. Your approval should be out with 3 to 5 days after the appraisal inspection if everything was done correctly and there are no appraisal issues.. and typically the lender wont order the appraisal unless they feel confident the borrower can get financing.. I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Mar 24th 2017
Carlos Eliseo (carlos_186_486)
#148 ranked lender in Florida - 17 contributions

An appraisal is a valuation of the house, not an approval. The appraisal dictates the home's value which is one segment or section of the UW process. credit worthiness, income/employment and reserves are the other considerations when UW a loan.

Mar 24th 2017
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