Mortgage Appraisal

Mortgage Loan Appraisals

When a borrower applies for a mortgage to purchase or refinance a property, the lender requires an independent appraisal to verify that the property's market value supports the requested loan amount. This protects the lender by ensuring the loan-to-value (LTV) ratio meets their underwriting guidelines and protects the borrower from overpaying.

Madison & Park Appraisal provides mortgage appraisals for conventional, FHA, jumbo, and non-conforming loan products. We are on approved appraiser lists for numerous banks and lending institutions and understand the specific requirements, forms, and timelines that lenders demand.

How Mortgage Appraisals Work

In a mortgage transaction, the lender is the client — they order the appraisal, and the report is delivered to them. The appraiser conducts an interior and exterior inspection of the subject property, measures the living area, photographs the home and comparable sales, researches recent market activity, and delivers a report on the Uniform Residential Appraisal Report (URAR/1004) form that meets USPAP requirements and any additional lender overlays.

For purchase transactions, the appraisal must support the contract price. For refinances, the appraisal establishes current market value. In both cases, the appraiser provides an objective, independent opinion of value based on market data — not on what either party hopes the value will be.

Property Types We Appraise for Lenders

We complete mortgage appraisals for single-family homes, condominiums, co-ops, and 2-4 unit investment properties. Each property type has specific appraisal requirements: condominium appraisals require analysis of the building's financial health and HOA, co-op appraisals involve review of the corporation's financial statements, and multi-unit properties may require rental income analysis.

Turnaround & Coverage

We understand that mortgage transactions are time-sensitive. Delayed appraisals can cause rate lock expirations, missed closing dates, and frustrated clients. We prioritize timely delivery while maintaining the thoroughness and accuracy that lenders expect. Our coverage includes Westchester County, Manhattan, Greenwich, CT, the Bronx, and our additional service areas.