Before you complete the home buying, selling or refinancing process, your lender may require a home valuation, the most common of which is an appraisal, where an estimate of the value of the home is calculated. The result of such an appraisal determines how much the mortgage lender will provide for property purchase.

An appraisal answers the question, “how much is my house worth?” and protects the buyer from paying more than the home’s true value. In the context of a purchase, refinance or application for a home equity line of credit (HELOC), the appraisal prevents the lender from providing the homeowner more money than the home is worth.

Private Mortgage Insurance (PMI), is a cost added to the monthly payment of many conventional loans, as a safeguard for the lenders who offer loans with a low down payment. This PMI cost may be removed once the homeowner has achieved a target equity ownership of the property. An appraisal can help you determine what the value is on your home today, and whether you qualify for PMI removal.

Neglia Appraisals is an approved provider for most lenders.