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Why Lake Pacor

“I wanted to take this opportunity to recognize the exceptional work and professionalism of Lake Pacor Home Mortgage.  We have the utmost confidence in Lake Pacor Home Mortgage and will be using their services in the future and passing their name to any client, friend, or family member that we come across.”  -Josh Wright- Two Paws Ford

“WOW…  It’s the first word that comes to mind when we think about the lending experience you gave us.  14 days from yes we want the loan, to sign here please…..  14 DAYS…  WOW!!!!  That is seriously impressive!  -Rochelle & Mike Birmann

“You ladies surpass your slogan:)
I will be recommending you to everyone. I hope you all have a great year”  -Rodney Balazs

“We want to Thank You so much for all of your help.  You and the Lake Pacor Team were great to work with.  You were very helpful, and answered my emails quickly.  You were able to make us feel less nervous about everything involved.  Everyone at Lake Pacor Home Mortgage was very nice & helpful.” – Jackie & Sherman Honea

 

“Nicole and I have worked with Jennifer Vernon at Lake Pacor Home Mortgage several times in the past and each experience has been extremely positive.  Jennifer always presents the most competitive rate packages with very low closing costs relative to other lenders.  Jennifer and her team always provide excellent customer service and ensure a quick, painless closing process.  We would absolutely recommend working with Jennifer if you are in need of a home loan.” – Keith Vale

“I wanted to take a few moments to say, Thank You.  You and the Lake Pacor Home Mortgage Team were amazing to work with.  I will recommend anyone buying a home to contact you.  You, and your team were the best I’ve ever dealt with!!” – Laura Garnett-Ayers

“Working with Lake Pacor Home Mortgage was easy and convenient. They had the best rates in town with the lowest closing costs.” – Simone Riggs

“I just wanted to say Thank You for all of the work you did with our refinance and even for working with my whole family during the closing.  You were all very helpful with any questions we had throughout the whole process.” –  Dave Phaneuf

“It was our pleasure to work with the Lake Pacor Home Mortgage team on our recent home purchase.  They stayed on top of the transaction and, true to Lake Pacor’s reputation, we were able to close within three weeks!  The other firms we contacted indicated the process would take closer to six weeks.  -Nancy Woods

“My recent Home Purchase went extremely smooth thanks to the group at Lake Pacor Home Mortgage.  I feel that they went above and beyond in making the mortgage process seamless to me as a buyer.  I will certainly send people their direction in the future” – Mark Friedman

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Understanding the Appraisal Process

realestateappraisersJune 6, 2013

What does an appraiser do?         An appraiser is a state licensed professional who provides an unbiased opinion of value to be used in making real estate decisions. Appraisers present their formal analysis in the appraisal report requested by their clients. Typically, appraisers are independently contracted by lenders to estimate the value of real estate involved in a loan transaction.

How does the appraisal process work?      First, an appraiser will contact you to schedule an inspection. While an appraiser will give you an appointment time, you should give them a 30 minute window in case other appointments run later than expected. During the visit the appraiser will take measurements of your home (typically outside). In addition to measuring, appraisers will determine the layout of the rooms inside, confirm all aspects of the home’s general condition and take several photos of the house for inclusion in the report.An appraiser needs to document the condition of the interior, from the layout and features to any updates. There is no standard for the amount of time an appraiser spends at a home. A physical inspection is usually only a small part of the overall appraisal process and, typically, appraisers will be at your home for a short period of time.

To prepare for the visit, try to ensure the appraiser will have easy access to the exterior of the house by moving any items that would make it difficult to measure the structure. On the inside, make sure that the appraiser can easily access items like furnaces and water heaters. Note that housekeeping is not a factor in an appraisal, just overall condition and maintenance of the home. Interior photos will be taken, yet are not used for evaluating cleanliness or interior design – this is a realtor’s job, not an appraiser’s.

Home Appraisal vs. Home Inspection       An appraisal is not the same as a home inspection. Although the appraiser documents condition and construction of a home, the appraiser is not performing the function of a home inspector. An inspector evaluates both the structure and mechanical systems of a house, such as plumbing and electrical.

Appraised Value vs. Market Value      Appraisers are tasked with forming an opinion of market value given very specific conditions. They are forming an opinion on value to be used for lending on the property. This may not match what you think your home would sell for if you listed it for sale.

There are many variables that the appraiser must assume given the market. For example, an appraiser must use an assumption for marketing time. This may not match the amount of time you could spend selling your home. Some may want to sell faster and would take a lower offer as a result. Conversely, others may be willing to wait for the “right offer” and may get a higher sale value if they are willing to wait longer than typical marketing times.

What if there is a square footage discrepancy between my appraisal’s measurements and my tax record measurements?      If there is a discrepancy between the Tax Record size and an appraiser’s square footage measurements, trust the appraisal. The appraiser is a licensed professional who actually visited the home and measured according to industry guidelines. The Tax District does not perform this sort of measurement and often use builder’s floor plans or rough exterior dimensions to calculate square footage.


Will the appraised value of my home affect my property tax rate?      
No. Many people mistakenly think that their home appraisal will be turned over to the tax assessor and thus their tax rate will be affected. That is not the case. The home appraisal is only used to evaluate the property for the loan and no other purpose.