Mortgage applications almost always require a professional appraisal of value. The bank needs to ensure they’re processing a loan for the appropriate value of the home.
This is where many mortgage applications can encounter difficulties, which may lead to contract cancellations. Buyers often go online to check national mortgage rates and engage a mortgage broker from one of these companies. The broker then issues the appraisal to an appraiser that might not be from the area. Our area isn’t “standardized” such as a suburb where the homes are very similar, so the appraiser needs a fair idea of what to use to compare the property.
It wouldn’t hurt to touch base with a local mortgage broker before making an offer. They may be able to match the national rates, and they will help get the property appraised correctly.