The Essentials of Home Inspection and Appraisal
A home inspection and appraisal are critical steps as you finalize your home-buying process. Understanding the importance and purpose of each can help you protect your investment.
A home inspection is a comprehensive review of the physical structure and systems of a house. Conducted by a professional home inspector, this process identifies significant repairs or deficiencies that could affect your decision to purchase or the price you’re willing to pay. It’s an essential tool for uncovering hidden issues and avoiding costly surprises down the road.
On the other hand, an appraisal is an estimate of the home’s value conducted by a certified appraiser. Required by lenders, an appraisal ensures that the property’s value aligns with the loan amount. Appraisals factor in elements like location, condition, and recent sales of similar homes in the area.
Both the inspection and appraisal are integral to the home-buying process, providing peace of mind and financial protection. If you have questions about how these steps fit into securing a home loan, our home loan specialists are here to help. At NIHFCU we are here to help at every step of your home-buying journey. Reach out to one of our loan specialists today for guidance and advice.
Rates, fees and terms as of April 27, 2024 and subject to change without notice
