Lenders typically need an appraisal of the property that you want to buy or refinance to ensure that it is worth at least as much as the requested loan amount. If you are making a smaller down payment or have a lower credit score, a lender is going to be even more interested in making sure the property collateral is adequate security for the loan amount requested.

Sometimes Diamond will not need an appraisal. We specialize in streamlined financing, or and in cases where there is a really good credit or low loan to value it is likely that we can obtain an appraisal waiver for you.

A professional, independent appraiser will usually visit your home and inspect its interior and exterior. It is best to meet with the appraiser at their earliest opportunity.

The appraiser will form an opinion on the probable market value of your property considering sales of similar homes in the area among other factors. He or she will prepare an appraisal report explaining the conclusion. The appraisal belongs to the lender, although you can receive a copy for your records.

A lender wants to know if the property is worth at least as much as the loan amount. If your loan program depends on you borrowing, for example, 95 percent of the property's value or more, the appraisal can impact your eligibility for the loan that's right for you. In a "close" case like this, the best solution is almost always to increase your down payment, or we can help find another solution such as another loan program that works.

An appraisal can cost from $300 to $500 depending on the loan program and the property type. You as the borrower pay the Appraiser directly when the appraiser arrives for the property inspection.