What should I expect from a refinance appraisal?

Answer by  patti (29325)

An appraiser, appointed by the lender, will visit the property and look around to determine if the value of the property supports the amount of the mortgage. The procedure is very common and is required by all lenders to protect their assets/shareholders. You may ask the appraiser to send you a copy of the report (for a fee).

Answer by  natashalindsay (25)

You should expect an evaluation of the value of the property and a loan based on the value that was determined upon the appraisal.

Answer by  Mar (428)

An appraisal for refiancing in the current market, unfortunately will probably yield the following. A bill for between $300 and $500, a sick feeling when you are told how much your home has depreciated and a rejection for the refinace. In better economic times the results were much more positive!

Answer by  Liz59 (10966)

Basically, someone will come to your home or property and give a value of it or an appraisal. Then they will reassess the property and see if it matches up with the initial appraisal that was formed. According to this, the financing and loan aspect of the appraisal may be adjusted.

Answer by  mnmas (238)

Basically what is involved is the appraiser evaluates the inside and outside of your property. Generally they take photos and measurements as well. Most often it is pretty quick and easy.

Answer by  shelley (70)

The refinance appraisals we've gotten where I am employed have been much lower than expected. A home that appraised for $159,000 three years ago, now appraises for $130,000. I would suggest getting two appraisals because they can be very different.

Answer by  Marsha (2337)

A qualified appraiser will come to your home and look everywhere, including the outside. He may take measurements and will write down all of the extras your house may have.

Answer by  blahblah (670)

An appraisal for a refinance is usually just like an appraisal for purchasing a house. The appraiser will make an appointment to look at your home and record its features. The appraiser will then compare your home to similar homes that have sold recently to estimate your home's value.

Answer by  SShellfish (13)

I expect an expert in the area of appraisals to do any type of refinancing appraisal. A realtor familiar with the property area, comparable sold properties,schooled and certified for appraisal work would be an excellent choice. The professionalism and accuracy the Realtor brings to the appraisal is of great importance in obtaining the correct amount of refinancing.

Answer by  Jessie124 (1885)

The bank will send its appraiser to judge the market value of your home, which determines how much the bank will be willing to lend. Ask the person handling your loan to hire a local appraiser, because local ones have a much better feel for the ups and downs of a neighborhood.

Answer by  demannlv (179)

You obviously had your home appraised when you purchased so you should have an idea of how the appraisal process works. When you refinance there should not be any difference except the value of your property. In normal times the value of your home should rise. In that case your loan to value ratio is much better better.

Answer by  Devin98 (487)

A refinance appraisal is no different from a regular appraisal. All the information is put onto the same type of form and sent to the finance company just as it was for your original mortgage.