Do You Need an Appraisal to Refinance
Your lender will obtain an appraisal to refinance your mortgage, through a professional appraiser who is qualified to survey your property and determine its value. Generally, an appraiser will inspect the overall condition, size and location of your property and compare it to similar properties in the area to determine its comparable market value. In contrast to a home inspector, a professional appraiser will not check the plumbing or electrical system in your home for required repairs, and minor flaws will have little bearing on the property’s value.
Most appraisers may say it is unnecessary to prepare your property for an appraisal, as they are impartial in their evaluations and unprejudiced to either party involved in a refinance. According to Ryan Lawrence, loan consultant for Equity Development Corporation in Virginia, one of the easiest ways to get maximum value on your appraisal is to increase your property’s curb appeal. By cleaning up the outside of your home, painting the trim and adding some colorful flowers will increase the likelihood of a favorable first impression and appraisal results.
Homeowners who decide to refinance their mortgage loan ought to learn about refinances and fully comprehend the process. Refinancing has its benefits,.