American Log Mortgage

Log Home Mortgage

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American Log Mortgage
Div. of First National Bank of Chester County
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Step Three - Appraisal
(Establishes the value of the future home on the borrower's building site. The lender determines the loan amount from this figure)

- Approved Appraisers - American Log Mortgage has a list of approved appraisers to appraise your log home. If necessary, we can use another appraiser upon request. The new appraiser has to be approved by the lender and must be licensed and have Errors and Omissions insurance.

- Time Frame - The appraiser is hired by the lender, but does not work for the lender. Your loan officer will ask for the appraiser's turnaround time for the completion of their report to ensure a timely closing of the loan. Depending on the property location and availability of the appraiser, we recommend allowing 2-3 weeks for appraisal completion.

- Building Plans - In order to initiate the appraisal, your loan originator needs a set of your house plans (blue prints). The plans need to show dimension and elevation. You can submit your preliminary plans for appraisal purposes as long as you do not make any major changes to the footprint of the house. For example, changing the square footage, adding a bedroom or bathroom, or taking a designated room away, is considered a significant change. Moving the position of a window or stairs is acceptable. Making major changes also changes the loan because you have then altered the bank's appraised collateral (your house).

- Specifications (Specs) - A listing of all of the materials that are to be used during the construction process. This information is collected for the appraiser to determine what materials are going to be used and to assign proper value to the home. Quality and cost of materials can range greatly making specs an important part of the appraisal.

- Building Contract - A signed and binding agreement between the borrower(s) and builder. This agreement lists the scope of the work to be completed by the contractor and at what price. An appraisal can be ordered from the builder's quote.

- Log Manufacturer Contract - A binding agreement between the borrower(s) and log home supplier. It needs to be a fully executed contract with signatures. Please pay attention to any additional charges that might apply to your log package. For example, freight and sales tax.

Step Two
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