How Do I Find Out My Home’s Value?

My name is Craig Rodenberger, Marketing Director
at Ephrata National Bank, here with the latest installment in our educational series on Home
Equity borrowing. For borrower’s looking to apply for a Home
Equity Loan or Line of Credit, the value of your home is gonna be a significant factor
in determining how much you can be approved for. So it’s normal to wonder what your home is
actually worth. And there are a couple of ways you can find
this information, each with varying degrees of accuracy. You can research the value of comparable homes
in close proximity to yours and the easiest way to do this research is to check out websites
that compile and organize this information like Trulia or Zillow. Online research will provide an approximate
idea of how much your home is worth. But the most accurate way to determine your
home’s value is to have a home appraisal performed by a licensed or certified appraiser. And what a certified appraiser will do is
they will identify a variety of factors to determine your home’s value which includes
square footage, number of rooms, the location of your home, the condition of your home,
and the age of your home compared to recent properties sold in the area. Now once an appraisal is complete you are
entitled to a copy, so you want to review and make sure that it’s accurate. It’s important to understand that when you
go to a lender to apply for a Home Equity product the lender may not order a full appraisal. For example, ENB uses an alternative evaluation
method, which without getting into a lot of details, is a less comprehensive form of appraisal. And we’ll use this method for loans under
$250,000. If you believe the value of your home is more
then what the alternative evaluation method is saying, you can request a full appraisal
to get a more accurate value of your home. But it’s important to be aware that in most
cases the bank will pass the cost of the appraisal along to the borrower. And it will be more expensive. If you’d like to learn more or apply for an
ENB HomeLine please call us or visit any ENB branch office. We’ll be happy to help you.

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