When it comes to getting a mortgage loan, one of the most important steps is obtaining an appraisal. This appraisal determines the value of a property and can have a significant impact on how much money you are able to borrow or even if you qualify for the loan at all. Unfortunately, appraisals don’t always come in as expected, which can be disheartening and frustrating for borrowers. But with help from experienced Mortgage Loan Officers (MLOs), there are ways to overcome these low appraisals and still get the best outcome possible. MLOs have experience navigating this process and can provide valuable insights into what went wrong with an appraisal, such as providing additional information or appealing when necessary. In this article we explore how MLOs can use their expertise to help borrowers successfully navigate the appraisal process and get better results from their appraisal.

The appraisal process is a complex one and there are many factors that can influence the appraisal value of a property. It’s important to understand what affects appraisals so you can be better prepared if yours comes in lower than expected. Some common sources of appraisal issues include comparables, market trends, condition of the property, and incorrect data input by appraisers. MLOs are experienced in this field and can provide valuable insights on why an appraisal came in low and what steps need to be taken from there.

MLOs have access to additional resources such as real estate databases or appraisal experts that can help supplement the appraisal with more accurate information. This could mean providing additional comparable homes for comparison or disputing an appraisal based on discrepancies in data. MLOs can also help borrowers appeal an appraisal if necessary and provide guidance throughout the process.

In addition to providing additional resources, experienced MLOs will have a deep understanding of how appraisals work and what appraisal values are likely for different types of properties in certain areas. They can use this knowledge to provide valuable insights into why an appraisal came in low and suggest ways for the borrower to increase their appraisal value such as making repairs or renovations before the appraisal begins.

Overall, MLOs are invaluable when it comes to navigating the appraisal process and helping borrowers get better results from their appraisal. Not only do they have access to additional resources that can supplement appraisals with more accurate information, but they also possess a deep understanding of appraisal values and trends that can help borrowers get the best outcome possible. With their expertise and guidance, MLOs can truly be a vital asset when it comes to overcoming low appraisals.  

‍