Appraisal FAQ

An easy guide to help you understand the residential appraisal process and the elements of a credible appraisal.

Appraisal Myths

Learn about the common myths and facts about the home buying and appraisal process so you can be a better borrower.

Insurance to Value

Selecting the proper amount of coverage for your home is the most important decision you can make with your policy.

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what is an appraisal?

An appraisal is an unbiased estimate of the true fair market value of a home, ordered by all lenders in order to obtain the market value of the home and ensure that the borrower is requesting the proper amount of money. The appraisal normally includes the information for similar sales in the area, the property’s condition, and how the neighborhood it’s located in affects its value. An appraisal is performed by professionals who are licensed and certified to fairly determine the value of a home in the state the property is located. An appraiser creates an informed opinion on the home’s value based on required training, tests, on-the-job experience, and continuing education required by the state. They’re also required to justify any findings that could influence the home’s value in their reports. It is a heavily regulated business with severe consequences for anyone found to be creating deliberately misleading or biased reports.
Appraisers look at the condition of everything that is permanently part of or attached to the house. Décor and furniture have no bearing on the appraisal process; the home’s physical characteristics (location, age, size, lot size, number of bedrooms and bathrooms) are what determines the appraised value. Sellers and buyers have the right to challenge an appraisal if they feel there are any inaccuracies. Lenders review appraisals by checking it against other appraisal reports for sales in the same neighborhood. This system helps the lender, along with the buyers and sellers, to catch any issues that may arise and require an investigation into the appraisal.

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how can we help?

My Member Insurance Agency (MMIA), an affiliate of Frankenmuth Credit Union, can help protect what matters most to you, and make sure you and your family are protected in the event of a loss. We have the ability to shop your home insurance through multiple, top-rated companies. Whether this is a new purchase or refinance, this allows us to find the right fit of premium and coverage for each individual situation. We tailor policies to your needs and find the right option for you, rather than offering a ‘one size fits all’ solution with a single insurance carrier. We are with you through the entire process and work directly with your mortgage officer at the Frankenmuth Credit Union to make sure you are well-taken care of throughout the home buying process and beyond.

carriers we represent

MMIA represents Auto Owners Insurance
MMIA represents Frankenmuth Insurance
MMIA represents Citizens Insurance
MMIA represents Travelers Insurance Company
MMIA represents Acuity Insurance Company
MMIA represents Hastings Mutual Insurance
MMIA represents Progressive Insurance Company
MMIA represents West Bend Insurance Company
MMIA represents Accident Insurance Company
MMIA represents Michigan Insurance Company
MMIA represents Selective Insurance Company

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Saginaw Office: 7531 Gratiot Rd, Suite 2, Saginaw, MI 48609 | 989-781-2662   Midland Office: 216 W. Buttles, Midland, MI 48640 | 989-631-1950
Sebewaing Office: 41 E. Main Street, Sebewaing, MI 48759 | 989-883-2840   Pigeon Office: 15 N. Caseville Rd., Pigeon, MI 48755 | 989-453-3112

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