Value appraisement process

Value appraisement process of the bank

1.After administration of all the documents the bank will make an order to appraise the property.

2.After the appraiser will contact you and give 2-3 appointments. You have to conciliate with the house owner (seller) to make sure the property will be available for the appraiser. An appointment is is obtainable approximately within 1 week.

3. The appraiser will make a personal analysis of your mortgage based on market fluctuations. Interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval based on secondary market guidelines.

4. The appraiser will calculate from the purchase price the collateral value of the property. It depends on the quality of the property (just built, used, renewable or renovated). The collateral value is 75-98% of the purchase price ( ex.: If the property’s purchase price is HUF 10 million, in good condition, good area, the collateral value can be up to 90%. If the properties in worse condition the collateral value will be appr. 85 %.)

5. Usually the appraisal fee must be paid in cash on the spot or before appraisal you can transfer the money. You must open a bank account at the bank where you will apply for the loan. The fee for opening the bank account costs around HUF 5000. It depends which bank you open it. The appraisal fee is around HUF 25-40 thousand.

6. The appraiser must pass the ready appraisal document to the bank within 5 days from the survey. You can inquire by your personal financial adviser in DH.

7. Each buyer is unique - and we'll help you find out just what you can afford. Your income and your debts will typically play the biggest roles in determining your price range. The bank will calculate the loan from the collateral value. The loan that the bank can offer is from 50-100% of the collateral value.