The appraiser must follow set rules when appraising a property. The Role of the Appraisal Process in Construction FinancingĪn appraisal is an opinion given by a licensed appraiser on the value of a property. Finance Your New Home Construction With Assurance Financial.What’s Next After the Appraisal Process Is Complete?.Obtaining the Certificate of Completion.Completing the Uniform Residential Appraisal Report.

How Long Does the Appraisal Process Take?.

The Role of the Appraisal Process in Construction Financing.

If you’re feeling worried or overwhelmed with your construction loan appraisal process, we have the information you need to put your mind at ease. You may end up reconsidering some of your home’s planned features or put in additional effort to find comparisons for your new home. When planning the construction of a new home, you may want to know what can work against you during the appraisal process and how an appraiser will evaluate your home plans. Most lenders want to help you, but the venture may be risky for them if there aren’t many comparable homes in your area. Your lender is investing in your home, and if you cannot pay for it, they’ll need to sell it. The appraisal process for financing new construction can seem complicated at first, but as with everything else in this process, the steps you take are determined by how you’d like to finance the construction. But how can a home be appraised before it’s even built? Existing homes are usually easy to appraise because they can be compared to other homes. Are you looking to finance a new construction project? Before your loan can be approved, your lender will need an appraisal for the home construction.

Bank home appraisal checklist