These appraisals are usually requested by Banks, Trust Companies and Mortgage Brokers who have a full understanding of the appraisal process and the methods employed. These appraisals are often meet the minimum requirements from a residential point of view and are prepared on a form report.
Secondary or Private Lender Appraisal
Second mortgages are typically taken as secured home equity loans from financial institutions. These mortgages are considered riskier loans for financial institutions these mortgages usually have a higher interest rates than first mortgages. However, in some cases, when a borrower has a long term fixed rate mortgage, the actual rate on the second mortgage or secured line of credit, commonly referred to as a Home Equity Line of Credit (HELOC) actually has a lower rate than the first closed mortgage.
The opposite usually exists with private mortgage lenders. Bonafide has been appraising property for Banks, Trust Companies, Private lenders and Mortgage brokers and provides timely and conforming reports for the lender community.