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Home Appraisals For Refinance

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When you are buying a home, you need the appraisal of the home you are buying to match or be higher than the price you have contracted. Conversely, when you are selling your home, you will want to appraisal value to match or be higher than your selling price. And finally when you are refinancing your home, you want the appraisal to be as high.

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5 Other Reasons For A Home Appraisal – Nationwide – When you refinance your home, you’re actually replacing your old mortgage with a new one because your home’s value may have changed since you first bought it. For that reason, lenders will require an appraisal to ensure the new mortgage amount can be justified by what the house is worth today.

Refinancing your home involves several important steps, but the property appraisal may be the most crucial. professional appraisers have specialized training and experience in property valuation, and their opinion carries a lot of weight with lenders.

Keep in mind that there is a big distinction between appraisals use in home sales and those used to refinance a property: When a home is changing owners, the purchase agreement (sale contract) is part of the appraiser’s scope of data and is considered a powerful indicator of value.

Your home appraisal can also affect your home loan during a refinance. It can play a big role in the interest rate that you get, since the appraisal helps determine your LTV (loan-to-value) ratio. For example, if the LTV ratio is 75% or lower, you could get a lower rate, because the loan is seen as less risky to the lender.

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The home appraisal adds extra time and cost to a home purchase or refinance. Fortunately, not all mortgages require them.