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House Appraisal For Refinance

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There are many reasons why you might consider a no appraisal refinance. To start, appraisals can be expensive. They also require some legwork ahead of time to get your house.

In a purchase and sale transaction, an appraisal is used to let the lender know that the contracted sales price is supported. For refinances, appraisals assure the lender that their collateral used for the loan is worth the necessary amount. Home Appraisals in a Rising Market. In is not uncommon to have low home valuations in a hot real estate.

Refinancing appraisals ensure that the features of the property being refinanced match the original sale, and also document any new improvements. The new appraisal lets the lender know the home has a value at least equal to the new mortgage should the lender need to foreclose on the property in the future.

In a refinance, however, a low appraisal may not be a deal breaker. Let’s say your lender is willing to loan you as much as 80 percent of your home’s value. If the property is appraised for $300,000, you can get as much as $240,000 in financing. If the appraisal comes in at $290,000, the maximum loan amount is $232,000.

Refinancing your existing mortgage loan into one with lower interest rates could shave hundreds of dollars off your monthly mortgage payment. But to qualify for a conventional mortgage refinance, you’ll need to have enough equity in your home. The way lenders determine your equity is to schedule your house for a real estate appraisal.

"Lock in a lower rate!" "Refinance and save!" Everywhere you turn, there seems to be more and more hype about mortgage refinancing. But how do you know what’s right for your situation? One thing is sure: Your home-the very place you and your family sleep at night-is worth trying to make sense.

It’s better to refi before you move, but here’s what you need to know if you want to refinance a house you’re renting out.

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