Hello, my name is Clint Bonkowski from Quicken Loans. I'm the Divisional Vice President of Underwriting and today I want to talk real quick about one of the questions we get asked most often, and that is: How is my appraisal value calculated?
A lot of people feel that their house should be worth what they paid for it or what improvements they've put into it. Really, the value of your home is determined by the market. Like all markets, values can go up and down, as we've seen in the most recent past. So, how do you figure out what your home is currently worth?
What you want to do is look at your local market and how your local market is acting. So, look at comparables in your neighborhood. Look for homes that are similar in size, style and location. And what we mean by style is, make sure you're comparing your home to other homes that are similar. Do you have a ranch? Then look for comparable ranches. Do you have a colonial? Then look for comparable colonials. Size- make sure you're comparing your home to homes that are similar in size and square footage. A thousand square-foot ranch be compared to a thousand square-foot ranch. Lastly, location. Make sure in location, you're looking at homes that have sold or are currently listed in your market that are no more than a mile away. If you check off on all three of these things, you can get a pretty good idea on what your home is currently worth and therefore, give you a good starting point on getting a new mortgage.
Quicken Loans is an Equal Housing Lender. Rates subject to change. Quicken Loans Inc. is a licensed mortgage lender. Arkansas -- Quicken Loans Inc., 1050 Woodward Avenue, Detroit, MI 48226-1906, (888) 474-0404; Arizona -- Quicken Loans Inc., 16425 North Pima, Suite 200, Scottsdale, AZ 85260, Mortgage Banker License #BK-0902939; California -- Licensed by the Department of Corporations under California Residential Mortgage Lending Act; Georgia Residential Mortgage Licensee (#11704) -- 1050 Woodward Avenue, Detroit, MI 48226-1906; Colorado -- Quicken Loans Inc., 1050 Woodward Avenue, Detroit, MI 48226-1906 (888) 474-0404; To check the license status of your mortgage broker, visit http://www.dora.state.co.us/real-estate/index.htm ; Illinois Residential Mortgage Licensee #4127 -- Department of Financial and Professional Regulation, 310 S. Michigan Avenue, Suite 2130, Chicago, Illinois, 60604-4278, (312) 793-3000, 1050 Woodward Avenue, Detroit, MI 48226-1906; Massachusetts -- Quicken Loans Inc., Mortgage Lender License #ML 3030; Mississippi Registered Mortgage Company; New Hampshire -- Licensed by the New Hampshire Banking Department #6743MB; New Jersey -- Quicken Loans Inc., 1050 Woodward Avenue, Detroit, MI 48226-1906, (888) 474-0404, Licensed Mortgage Banker -- NJ Banking and Insurance Department; New York -- Quicken Loans Inc., 1050 Woodward Avenue, Detroit, MI 48226-1906, Licensed Mortgage Banker -- NYS Banking Department; Oregon -- Quicken Loans, Inc. -- License # ML-1387; Pennsylvania -- Licensed as a first mortgage banker by the Department of Banking and licensed pursuant to the Pennsylvania Secondary Mortgage Loan Act; Rhode Island -- Rhode Island Licensed Lender; Texas -- Quicken Loans, Inc., 1050 Woodward Ave, Detroit, MI 48226; Virginia -- Licensed by Virginia State Corporation Commission, License # MC-1738; Quicken Loans Nationwide Mortgage Licensing System Number 3030. Other restrictions may apply.
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Real Estate Appraisal (1 of 6) Quicken Loans TV, Intro and Front Roomby quickenloans16,867 views
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