What do I need to know about home appraisals?

A home purchase is likely one of the largest and most important investments you’ll make, and the appraisal process is an essential part of obtaining a mortgage. We have insight to help you through the process and answer your questions, including what to expect during the process:

1. Your mortgage lender will request an appraisal through an online tool.
2. Our Appraisal and Evaluation team will assign an independent state-certified appraiser for your property.
3. The appraiser will communicate directly with either the current property owner or the listing real estate agent to schedule the appraisal inspection.
4. The appraiser will examine and photograph the following to create an appraisal report:
   1. The exterior of the home and other site improvements, such as detached garages, shops, decks and patios.
   2. The interior of the home, including living areas, bedrooms, bathrooms and other areas, as appropriate.
   3. The overall quality and condition of the construction or home improvements.
   4. Any necessary repairs that have been identified.
5. Once the appraisal report is submitted, you’ll receive an email with a link to view the report electronically. If you prefer to receive a physical copy, please put in a request with your mortgage lender.
6. The Appraisal and Evaluation and Underwriting teams will review the appraisal, and your mortgage lender will contact you with any additional information needed to complete the appraisal.

If you have questions or concerns regarding your appraisal report, please visit with your mortgage lender.

Congratulations on your decision to buy a new home! We’ve outlined some important details you’ll need to know about the process:

What to plan for:

• Make sure you’re pre-approved as early as possible. This will put the power of financing behind you so you can concentrate on selecting your home.
• Keep your realtor and lender informed of any questions or concerns as they develop.
• Keep the process moving by providing documentation and decisions as soon as possible. By doing so, many of the details will be taken care of early in the process, adding to your comfort and peace of mind.
• Enjoy purchasing your home but remain objective throughout to make decisions that are best for you.

Count On Your Gate City Bank mortgage lender to:

• Assist you in selecting the best loan to meet your specific needs. (This can save you thousands of dollars throughout the years.)
• Keep you informed of your loan status throughout the entire process.
• Keep your realtor informed of our loan progress. (Note: Your personal information is always kept confidential between you and us; only deal points and progress are shared.)
• Get the appropriate loan for you at the best rates and fees. This will save you significant money up front and throughout the years to come.

Great question! It’s an account used to pay for items related to your property, such as taxes and insurance, and is a calculated portion of your monthly mortgage payment.

Great news! There is no fee. Mortgage escrow accounts are maintained free of charge.

Your mortgage escrow payment is composed of three portions:

1. The anticipated amount needed to make your tax and/or insurance payments in the coming year.
2. A cushion to cover two months of anticipated payments.
3. Catch-up amounts for a shortage (if applicable). A shortage occurs when the amount that was paid for taxes and/or insurance increased from what was anticipated. The anticipated amount is always the amount of the prior year’s payments.