Find Your Home Value
Home Appraisal Tips & Advice
California Home Values and Property Taxes: Are the Laws What They Should Be?December 22, 2008
California is once again rethinking Proposition 13, the law that bases home property taxes on the purchase price of a house. Will a new property tax law pass? California Home Values Are Falling: Can There Be an Upside?
September 30, 2008
Home sale prices are down and most people have seen a loss of home value in their neighborhood. Can there be a hidden benefit? Selling Your Home Successfully in Today's Market
September 8, 2008
Yes, the home selling market has slowed in the past year; however, houses are still being purchased on a daily basis. What is the secret to successful home selling? Home Worth: Key in Mortgage Lending
By Karen LawsonHome Worth Columnist
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What is your home worth? This is what a mortgage lender wants to know before approving your request for a new home loan, refinancing, or home equity loan or line of credit. Property values tend to rise and fall over time, so how do you know what your home is worth today?
Free Online Home Value Calculators Available
Mortgage lenders and real estate companies have developed home value calculator tools that are useful for getting a ballpark figure of what your home is worth. Home value is contingent upon many factors, and identical homes can vary considerably in terms of condition, location, and external factors such as local real estate market trends. These and other circumstances are reasons why mortgage lenders use professional real estate appraisers to determine home value as part of their loan approval process.
What's the Difference Between Home Loans and Other Credit Accounts?
Your home and surrounding land (typically your front, back, and side yards) serve as collateral to secure your mortgage loan. If you don’t make payments, your lender has the legal right to cancel your mortgage through foreclosure and take title to your home. Before approving your mortgage loan, lenders need to be certain that your home is worth enough to cover your mortgage amount, if necessary. If you're thinking of refinancing or getting a home equity loan, using a home value calculator can help you determine how much you can borrow. Of course, home value calculator tools are meant as a convenience and can only provide estimates of home worth.
About the Author
Karen Lawson is a freelance writer with extensive experience in mortgage banking. She holds BA and MA degrees in English from the University of Nevada, Reno.