Rogers Appraisal Service

Advanced Appraisal Service LLC, located in Millbrook, AL, specializes in providing credible home value opinions essential for securing home loans through banks and major lending institutions. With years of experience and a team of licensed appraisers, they are equipped to handle a wide range of real estate appraisal assignments. The company offers various services designed for both home sellers and buyers, including inspection tips and checklists to facilitate the appraisal process. Committed to excellence, Advanced Appraisal Service prioritizes client satisfaction while adhering to industry standards and ethics. Generated from the website

SpecialtiesSpecializing in: - Real Estate Appraisers - Real Estate Appraisers-Commercial & Industrial

When purchasing a home, a 20% down payment is typically the standard. The lender's only liability is often just the remainder between the home value and the balance remaining on the loan, so the 20% adds a nice cushion against the costs of foreclosure, selling the home again, and natural value fluctuations in the event a purchaser doesn't pay. During the recent mortgage boom of the last decade, it became common to see lenders reducing down payments to 10, 5, 3 or sometimes 0 percent. A lender is able to handle the additional risk of the small down payment with Private Mortgage Insurance or PMI. PMI guards the lender in the event a borrower doesn't pay on the loan and the market price of the house is lower than what is owed on the loan. PMI can be pricey to a borrower in that the $40-$50 a month per $100,000 borrowed is rolled into the mortgage monthly payment and frequently isn't even tax deductible. Different from a piggyback loan where the lender absorbs all the deficits, PMI is money-making for the lender because they acquire the money, and they receive payment if the borrower defaults.