What is an appraisal and who completes it?
What types of things will an underwriter look for when they review the appraisal?
Will I get a copy of the appraisal?
I've heard that some lenders require flood insurance on properties. Will you?
How long does it take for the property appraisal to be completed?
Does Liberty Bank for Savings provide financing for manufactured homes?
Are there any special requirements for condominiums?
I'm purchasing a home, do I need a home inspection AND an appraisal?
Can I lock in an interest rate and points before I find a home?
How do I lock my rate?

An appraisal report is a written description and estimate of the value of the property. It is used to verify that the value of the property supports the amount of the loan request.

The appraiser will complete an inspection of the property, noting condition, number of rooms, any upgrades and other information about the property. At that time the appraiser will also take interior and exterior photographs to document the physical condition of the property. They will then create a written report specifically for the bank.

After the property inspection is complete, the appraiser will compare the qualities of your home with other homes that have sold recently in the same neighborhood. These homes are called "comparables". Because the comparables are similar properties, in the same area, that have recently been sold, they are an important indicator of the current market conditions in the neighborhood. Using comparables helps the appraiser determine what a similar home, in the same area, might reasonably be expected to be worth in the current market.

You’ll be provided a copy of the full appraisal in the mail when the final loan decision is made.

If your home is for investment purposes, or is a multi-unit home, the appraiser will also consider the rental income that will be generated by the property to help determine the value. If there are multiple units in the property, the appraiser will need access to each of them to complete the report.


The appraisal is used to verify that your home’s value supports the amount of the loan requested.

The appraisal will be reviewed to verify that the recently sold homes in your neighborhood, which were compared to your home to help determine the value, are similar to your home in size, style and other similar factors.

The appraisal will also be reviewed to determine that it contains required information as required by investor and other guidelines.


When we receive your appraisal, your loan will be updated with the appraised value of the home. As a standard practice we will send a copy of your appraisal in the mail when the final loan decision is made.


Federal Law, including the Flood Disaster Protection Act of 1973 and the National Flood Insurance Reform Act of 1994, requires all lenders to investigate whether or not each home they finance is located in a special flood hazard area as defined by FEMA, the Federal Emergency Management Agency.

We use a third party company who specializes in the reviewing of flood maps prepared by FEMA to determine if your home is located in a flood area. If it is, then flood insurance coverage will be required, since standard homeowner's insurance doesn't protect you against damages from flooding. The property will also be monitored for the life of the loan to determine if the flood maps provided by FEMA have changed.


Licensed appraisers who are familiar with home values in your area perform the appraisal. We order the appraisal soon after the application fee is paid.

Generally, it takes 7-10 days before the written report is sent to us. We follow up with the appraiser to insure that it is completed as soon as possible. An interior and exterior inspection of the home, including photographs, will be necessary.

The appraiser will need access to all units of the property you are financing, if the property is not a single family home.

Whether you are purchasing or refinancing, please provide us with the name and contact information of the person the appraiser should call for access to the property.

If the appraiser hasn’t set an appointment within a few days of the application, please contact your Loan Processor at 888-906-6210.


We do not provide financing for manufactured homes at this time.


Since the value and marketability of condominium properties is dependent on items that don't apply to single-family homes, there are some additional steps that must be taken to determine if condominiums meet our guidelines.

One of the most important factors is determining if the project that the condominium is located in is complete. In many cases, it will be necessary for the project, or at least the phase that your unit is located in, to be complete before we can provide financing. The main reason for this is, until the project is complete, we can't be certain that the remaining units will be of the same quality as the existing units. This could affect the marketability of your home.

In addition, we'll consider the ratio of non-owner occupied units to owner-occupied units. This could also affect future marketability since many people would prefer to live in a project that is occupied by owners rather than renters.

We'll also carefully review the appraisal to insure that it includes comparable sales of properties within the project, as well as some from outside the project. Our experience has found that using comparable sales from both the same project as well as other projects gives us a better idea of the condominium project's marketability.

Depending on the percentage of the property's value you'd like to finance, other items may also need to be reviewed.


An appraisal will be required on all loans. The appraiser will make note of any obvious structural or environmental issues that are visible during the appraisal inspection. If any items are noted, the bank may require further inspections by licensed experts.

The appraiser is not an expert in structual, electrical, plumbing or other issues not related to determining value. These are all areas that a potential buyer may want to have inspected prior to purchasing a home.

Getting a home inspection is recommended if you are purchasing a new home, but it is not required unless the appraiser makes note of any obvious issues. If you are unsure if you should get a home inspection, consult with your realtor.


Unfortunately, we'll need to gather some information about your new home before we can offer a rate lock, so you'll need to have a fully signed and executed contract to purchase your new home and complete an application before we can lock in your interest rate.


You can lock your rate online at the time of application, or you can float the rate and lock in at a later date.

If you choose to lock in later, you can go to the Loan Status section of our website and lock your rate there.

If you prefer, you can contact us at 888-906-6210 to lock your rate.

If locking through the online application, you may be requested to sign a lock disclosure.

Contact Us

Loan Officers 847.986.8881

Loan Processing 1.888.906.6210