The smallest mortgages are now exempt from special appraisal rules
What happened
The threshold for mortgages that need special appraisals just went up by $700. This means more small mortgages will not need an extra appraisal, making them cheaper and faster to close.
Why it matters
Mortgages below a certain price are exempt from extra appraisal rules meant for "higher-priced" loans. This small increase means more loans will fall under that exemption. For borrowers, this means less paperwork and lower closing costs on smaller home loans.
The signal
Watch whether lenders start offering more small mortgages, especially in rural or lower-income areas, now that the appraisal burden is slightly reduced.