We don't ever like to think of our home as a negative. With every investment there will be ups and downs in the market.
In today's market most lenders are requiring an upfront deposit at the time of application. This deposit amount will get credited towards your closing costs when the loan funds. If an appraisal is completed and the value is not high enough to accomplish your financing goals, then the deposit you paid upfront will cover the appraisal cost. It is important as a consumer to understand that there is a possibility that your upfront cost could be as much as the deposit that you agreed to.
There are a couple ways you can get an estimated value indication.
•· Your current tax assessment
•· Going to an evaluation website such as; Zillow, or Trulia, to name a couple
•· Watch the current sales/foreclosures in your neighborhood
•· Pay for a value opinion from a local appraiser, this could run you anywhere from $25-$50
Thank you so much and please let me know if you have any questions
Heather Burns
Mortgage Consultant
Wells Fargo Home Mortgage
P6447-140
10900 NE 8th ST
Bellevue, WA 98004
(425) 468-8645 Tel
(206)714-3522 Cell
(866)496-5671 Fax
Heather.S.Burns@wellsfargo.com
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