How has the appraisal process changed?

If you’re looking to buy a home this season — or thinking about refinancing — you may be wondering how things have changed in recent months.

Many routine activities, including parts of the home financing process, look a little different now due to social distancing and other safety guidelines.

Getting an appraisal is one such step that you may be curious about. Whether you’re moving up, downsizing or refinancing, we have answers to your home appraisal questions and more:

Q: What is an appraisal?
A: Typically, it’s a process in which a licensed professional comes to the home to look at it and learn as much as they can. Then, they compare it to nearby homes that have recently sold. The appraiser’s job is to gauge the home’s value based on the property and data from the community.

Q: How are they being conducted right now?
A: Many appraisers are doing desktop and drive-by appraisals. The former means that they’re doing research based on local data, comparable sales and other recent appraisals. The latter involves the appraiser literally driving by the home to look at its exterior and the surrounding neighborhood. In both cases, they might also ask for videos and photos of the home’s interior if they’re unable to visit it themselves.

Q: When should I get an appraisal?
A: The process of verifying a home’s value begins after you sign a contract to purchase or refinance it. The appraisal will generally be scheduled for you. It would normally happen within the first few days after all parties agree to the terms of the home’s purchase, but it may be postponed in some cases, due to social distancing guidelines.

Q: How much does it cost?
A: The cost depends on various factors, including the property size and the type of home. Most often, they’re a few hundred dollars, which is typically wrapped up into closing costs.

Please reach out if you have more questions about any part of the homebuying process.

Approved Mortgage Donates Meals to Front Line Workers at Hospital

The COVID-19 pandemic has hit small business, healthcare workers, and first responders hard. Supporting the local essential front line workers and small businesses is so important right now. 

Approved Mortgage partnered with Absolute Lending Logistics and recently purchased meals from a local restaurant that were used to feed over a hundred of the front line workers at a local hospital. 

“Our goal was to come up with a creative way to feed essential front line healthcare workers at a local hospital while also driving additional business to a local restaurant,” said Derrick Christy, CEO of Approved Mortgage. “We also wanted to make sure that we were able to do so in a safe and controlled way to ensure everyone’s health during these unprecedented times.” 

Each meal that was purchased by the mortgage company, was individually prepared and packaged by the restaurant Oaken Barrel. The individual meals were then secured and dropped off inside a safe location at Saint Francis South-Cancer Center and Hospital where a controlled pick-up was coordinated for essential front line healthcare workers. 

“We’ve been pretty fortunate that our business has been deemed as an essential business, and even though most of our team members are working from home, we are still able to operate our business as usual,” said Jim Landwerlen, President of Approved Mortgage. “So we thought we would be better able than most other business to help others in our community as long as we were able to work out the logistics.” 

The restaurant, hospital, and mortgage company collaborated together on delivering the free meals to nurses, doctors, paramedics, and other essential healthcare workers. In doing so, Approved Mortgage continues to advocate for community goodwill, especially during times of need. In addition to donating the meals, the company hosts an annual blood drive, supports the local humane society, Leadership of Johnson County, and several other local and state organizations trying to make a difference in their communities. 

About Approved Mortgage 

Approved Mortgage is the largest and oldest locally owned mortgage banker in Central Indiana with over 5 billion funded for Indiana families.   As an industry leader for over 20 years, Approved Mortgage is recognized by Zillow® as a 5-star lender, rated a Top 20 Broker by Expertise®, and ranked by Entreprenuer.com® as one of the top 25 Best Small-Company Cultures. Approved Mortgage is a direct lender with in-house underwriting that allows for same day approvals.  We provide a vast array of residential mortgage loans that has served thousands of families making their dream of home ownership a reality. Our residential product line includes conventional, jumbo, FHA, VA, reverse mortgages and portfolio loans for purchase, refinance, and construction transactions. We also offer a variety of commercial real estate loans for multifamily, office, retail, warehouse/flex space, as well as business loans including SBA, lines of credit, credit card merchant services accounts, and factoring.  We look forward to assisting you with your mortgage loan needs by delivering just the right product you need and with the service you deserve. Approved Mortgage has served thousands of satisfied clients and is an A+ accredited member of the Better Business Bureau. 

Approved Mortgage Expands Workforce with New Licensed Loan Officers

Approved Mortgage, Central Indiana’s largest and oldest locally owned mortgage company, makes key additions by adding new licensed loan officers to its team of over 30 experienced mortgage originators.

Greenwood, IN, May 24, 2019 –(PR.com)– Approved Mortgage, a trusted lender for over 20 years, announces the addition of new loan officers to its team that are successfully licensed to originate mortgages.

Hannah Lutgring has been promoted at Approved Mortgage as a Loan Officer where she will help homebuyers and homeowners with purchase and refinance mortgage transactions. As a licensed mortgage banker, she joins Central Indian’s largest and oldest locally owned mortgage company. Prior to being promoted, Lutgring spent 6 years with the company as a Junior Processor committed to loan approval where she served a very important role in the prepping and organizing of loan files.

“Hannah is a key addition to our team,” said Derrick Christy, CEO of Approved Mortgage. “As a licensed originator with extensive processing experience, she will be able to easily guide the borrowers and realtors through the entire real estate transaction with exceptional wherewithal that will be beneficial to getting the loan approved and cleared to close faster.”

Sarah McGrath has been promoted at Approved Mortgage as the newest licensed Loan Officer to a team of over 30 experienced mortgage originators that have been with the company an average of 10 years. She will be responsible for fostering lasting relationships with clients and the real estate community through purchase, refinance, and reverse mortgage transactions. Prior to becoming a Loan Officer with the company, McGrath has been with the company for more than 2 years as the Executive Assistant and will continue this role in addition to becoming a Loan Officer.

“I’ve worked directly with Sarah for the past several years,” said Christy. “She is a great representative of our company’s core values and her versatile skill set she demonstrates as an Executive Assistant will translate into providing her clients with a faster and more stress-free mortgage experience.”

The addition of Lutgring and McGrath as licensed Loan Officers reinforces the mission of Approved Mortgage to serve the mortgage needs of borrowers and realtors through communication, reliability, and value. The company continues its commitment to loan approval for its clients and closes home loans in just 19 days.

About Approved Mortgage

Approved Mortgage is the largest and oldest locally owned mortgage banker in Central Indiana with over 5 billion funded for Indiana families. As an industry leader for over 20 years, Approved Mortgage is recognized by Zillow® as a 5-star lender, rated a Top 20 Broker by Expertise®, and ranked by Entreprenuer.com® as one of the top 25 Best Small-Company Cultures. Approved Mortgage is a direct lender with in-house underwriting that allows for same day approvals. We provide a vast array of residential mortgage loans that has served thousands of families making their dream of home ownership a reality. Our residential product line includes conventional, jumbo, FHA, VA, reverse mortgages and portfolio loans for purchase, refinance, and construction transactions. We also offer a variety of commercial real estate loans for multifamily, office, retail, warehouse/flex space, as well as business loans including SBA, lines of credit, credit card merchant services accounts, and factoring. We look forward to assisting you with your mortgage loan needs by delivering just the right product you need and with the service you deserve. Approved Mortgage has served thousands of satisfied clients and is an A+ accredited member of the Better Business Bureau.