Where Can I Find the Appraisal for My Home Loan?
A home appraisal is an essential part of the home loan process providing an estimated value of the property you are buying or refinancing. Lenders use the appraisal to determine if the amount you’re borrowing is within their lending limits and also to ensure that the property serves as adequate collateral for the loan. In this article, we’ll take a look at where you can find the appraisal for your home loan.
What is a Home Appraisal?
A home appraisal is a report that provides an estimated value of a property taking into account its size, location and the current real estate market. A licensed appraiser will visit the property and inspect it to make this determination. The appraiser will then write a report detailing the property’s condition, any improvements made, and a comparison of the property to similar properties in the area.
Where Can You Find the Appraisal Report?
- Lender The first place to look for your home appraisal report is with your lender. The lender is responsible for ordering and paying for the appraisal and they’ll have a copy of the report once its complete. If you’re refinancing you may have received a copy of the appraisal report as part of your loan documents. If you’re in the process of buying a home the lender will provide you with a copy of the appraisal report once its complete.
- Appraiser If you can’t find the appraisal report through your lender the next step is to reach out to the appraiser who conducted the appraisal. They may be able to provide you with a copy or send it to your lender for you.
- Online Some lenders and appraisers make appraisal reports available online. If your lender has a secure online portal for loan documents you may be able to find the appraisal report there. Additionally, some appraisal management companies provide online access to appraisal reports for a fee.
- Real Estate Agent If you’re in the process of buying a home your real estate agent may have a copy of the appraisal report. They may have received it from the lender or the appraiser or they may have seen it as part of their work on the transaction.
