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do you need an appraisal to refinance

Home Loan Refinance | Wilkes-Barre | Choice One Credit Union – Learn more about why you should consider mortgage refinancing.. A lender who wants to make sure they get the loan often fixes the appraised value by hiring.

Can You Refinance? Here’s How to Figure it Out – not only do you not need an appraisal for these programs, you don’t need to provide tax returns and W-2s either. A streamlined program under any one of these three types allows you to refinance.

Do you need an appraisal for your mortgage? – Mortgagefit – An appraisal is also necessary when you refinance your existing mortgage with a new home loan. Your lender may need an appraisal in order to ensure that the property will sell at least at the amount which he will be offering as loan.

An increase in value may also enable you to refinance to a loan with better terms and fewer limitations. At the end of the day, your financial situation is unique, as are your mortgage needs. There are many great refinance programs available with or without an appraisal and each are subject to certain criteria.

If the appraisal puts you at less than 80% equity, you will not meet the necessary 80% loan-to-value ratio and will need to pay PMI unless you choose to do a cash-in refinance.

Smart Moves: How to get the best possible appraisal to refinance home – Getting a strong home appraisal used. Though you don’t need to repaint your interior or replace worn carpet to impress the appraiser, there’s no harm in hastening completion of these projects,

 · You’ll have to pay for the appraisal and you’ll mostly like have to arrange for it to be done as well. This is the case even though its purpose is to protect the lender, not you. The report is usually sent directly to the lender. You can request that a copy be sent to you as well. This generally doesn’t happen automatically. You have to ask.

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Pros and cons of refinance appraisals. Margarette Burnette.. Some homeowners may not need to hire an appraiser, but they could find it’s in their best interest to do so anyway. That’s.

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Should You Get Your Property Appraised Before Refinancing. – If you’re looking to refinance your property, for whatever reason, you should consider getting an appraisal first. With interest rates near record lows, getting an appraisal before refinancing could unlock a huge portion of equity that has built up over time.

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The appraiser must do a complete visual inspection of the. to come in below fair market value and can make low appraisals difficult to challenge. What Refinancing Homeowners Need to Know If you’re.