Your home appraisal value.

A home appraisal is an important part of the home loan process. The home appraisal provides the current market value of your home, which plays a critical role in determining your loan amount.

Reliable lenders such as Champion^® won't offer loans that exceed a home's value -- such as "125 Loans" -- and for good reason. These loans, based on 125% of your home's appraised value, could be exceedingly risky. If, for example, you suddenly had to move out of state for a new job or family reasons, you could sell your home and still not have enough money to pay off the debt. You would be obligated to make up the difference with cash.

Who does the appraisal?
In most cases, your lender will hire an outside company to perform the appraisal so they have an objective evaluation of your home. In order to estimate the value of real and personal property, appraisers receive special training and hands-on experience. The fee for the appraisal will be included in your closing costs, and outlined in your Good Faith Estimate. The appraisal fee will be paid before the appraisal is ordered.

What do appraisers look at when estimating your home's value?
Before your loan can be processed, an appraiser will come to your home and assess its market value. This process takes only a few minutes and involves estimating your home's value based upon:

• General condition and age of the home
• Size of home and property
• Location of the home
• Features of the home (i.e., 3 bedrooms, 2 baths, etc.)
• Major structural improvements, such as additions and remodeled rooms
• Sought-after architectural features, such as skylights and fireplaces
• Comparable properties in the neighborhood that have sold recently and their sales prices (usually the most important factor in determining the value of a home)

Find out how Champion can help your home work harder for you.

At Champion, our loan specialists are trained to listen to your needs and carefully assess your financial situation. Only then will we recommend a customized solution that makes sense for you. Ready to get started? Call 1-800-CHAMPION or click here for a free, no obligation consultation with one of our Loan Specialists.