One of the most important facets of obtaining a mortgage for your new Atlanta home is the appraisal process. It is a huge part of the loan approval process; the lender wants to be sure that the property you’re buying is worth at least the purchase price that you’re paying for it. While the lender wants the value of the property confirmed, this step is also a benefit to the home buyer.

During the loan process, an appraisal is typically requested during the drywall phase on a new construction home. Once the structure of the home is fully in place, the appraiser can actually visit the structure. They would then look at the contract to see what other upgraded features may be going into the home, as those will impact the home’s value as well.

Lenders can also do a plans and specs appraisal, which is done using the plans and specifications that are provided by the builder. The plans and specifications of a home show the appraiser enough information to allow him to perform the appraisal and provide a report to the lender.

Another process that home buyers often go through before purchasing a new home consists of having a home inspection done. However, the inspection differs greatly from the appraisal. A home inspection is not required to gain a mortgage approval, whereas an appraisal is required. A home inspection is also done at the expense of the home buyer.

While an appraisal is done solely for value purposes, an inspection goes much deeper. A full home inspection deals with the structure and systems of the home, like the heating and air or plumbing systems.

For more information on the appraisal process or securing a mortgage loan for your Atlanta new home, contact Academy Mortgage by calling 404-558-4399 or visiting

Equal Housing Lender. (c)2013 Academy Mortgage License #3113. GA Lic. # 20505. This is not a commitment to lend. Academy Mortgage Atlanta: 5565 Glenridge Connector,  Suite 400. Atlanta, GA 30342. Georgia Residential Mortgage Licensee.

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