Critical elements of the mortgage process: the property

You have a good credit score, an income, money saved for a down payment and reserves, good rental or mortgage history, and you have found the property you want.  It also will have to qualify for the loan, through an appraisal process.  You will have to pay for a professional appraiser to go see the property and run an analysis of its market and replacement values; the appraiser also look at its potential to produce income.  But in the end the MARKET VALUE is the one that counts.  The appraiser is chosen at random by a company that's independent from the lender.  The lender's employees are not allowed to speak with the appraiser.  Usually, the listing agent has researched the market value and hasn't overpriced the property.  Sometimes that isn't the case.  If the property you wish to buy doesn't appraise, you have a choice to pay the extra money and still go through with your purchase; of course that means you have to have cash to do so.