Property Appraisal for a Home Equity Loan
As you go through the home buying process, there are a number of factors you’ll need to remember as you prepare for this exciting change in your life. From picking the perfect lot to finding trusted realty services, you want to be sure you’re considering all your options—especially when it comes to your budget and potential loans.
If you’re trying to get a home equity loan and it’s been several years since the property’s last appraisal, call Coakley Realty for trusted real estate property appraisal services. Since 1991, we’ve been helping both sellers and buyers alike with all appraisal needs, including home equity loans.
Are you ready to figure out your home equity loans by getting a professional property appraisal? Give the trusted team at Coakley Realty a call today at 301-637-0966!
What Is a Home Equity Loan?
Whether you’re buying your first house or preparing to move your family into a new place, you should prepare to pay a down payment. That’s where a home equity loan comes in—you can decide how much you want to borrow at the closing of your home, and then make monthly payments in order to pay back your loans.
There are a number of advantages to getting a home equity loan:
- You will know the exact amount of money that you’re borrowing.
- The interest rate tends to be fixed, so the payments are predictable. Instead of worrying about how much you owe each month, you can have peace of mind as you work this set number into your budget.
- You cannot overspend. Because there is absolutely no way to increase the amount of money you are borrowing, you will not leave yourself open to temptation to spend more money than you have.
- The interest is tax deductible.
- Your interest rate will likely be low. You’ll likely get a better interest rate when you use your house as collateral than you would if you used a credit card.
Schedule a Property Appraisal for Your Home Equity Loan
Once you know that you are definitely getting a home equity loan, check to see when the property was last appraised. If it has been several years, it would be a good idea to have the property appraised.
By getting a precise value on the equity in the home, an appraisal will protect both the lender and the borrower. An expert real estate appraiser will use their knowledge of the current market in order to properly estimate the value of the property. Once a realistic number is on the table, the appraiser will compile information about the property, the neighborhood, and home amenities in order to get an accurate result.
At Coakley Realty, our agents are experienced and trained to complete full property appraisals in Northern Virginia, Maryland, and the metro DC area. Licensed to properly appraise properties, our dedicated staff will complete your appraisal quickly and effectively, allowing you to prepare for a home equity loan with all the proper information in check.
Are you ready to get a professional property appraisal and make arrangements for your home equity loan? Schedule your appointment today by contacting Coakley Realty online or by phone at 301-637-0966.
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