When you refinance your home, your lender is going to require a professional appraisal to determine how much equity you have in the house. If the appraisal comes out higher than what you currently owe, in many cases, you can borrow the difference. When you are going to have an appraiser in your home, there are a few tips that might make the appraisal process go by more smoothly.

Other People Are Reading

Wait Until You Get an Approval

An overeager lending broker may try to rush you through the home refinancing process and schedule an appraisal before he gets a final approval based on your latest credit report and income details. Do not allow the appraiser to come to your house until you have written proof of your pre-approval from the lender. If you make the mistake of allowing an appraiser to evaluate your house before you get final word and then for some reason the application is denied, you may still be on the hook for the cost of the appraisal.

Be Realistic

References

More Like This

House Appraisal to Remove Private Mortgage Insurance at Closing

You May Also Like

A home appraisal provides an estimate of the market value of your house and the land on which it sits. This is.

The bursting of the real estate bubble changed the face of home appraisals as much as the collapsing mortgage market and property.

A homeowner who wants to refinance a mortgage should not let the lender schedule an appraisal until the home is in good.

Appraisal is an important part of refinancing or selling a home. Homeowners who refinance generally must use the appraiser designated by the.

Refinancing your home will require an appraisal so that your lender can evaluate your home's value as security for your mortgage. While.

Refinancing your home includes many steps. Lenders will want to be certain that your home holds the value you wish to borrow.

Refinancing Process. Refinancing a home can be beneficial to the. Refinancing your home will require an appraisal so that your lender.

Mortgage lenders require homeowners provide an appraisal for the home on most available mortgage refinance loan programs. Mortgage lenders rely on the.

Refinancing your home may seem like a good idea to fund a home improvement project or ward off foreclosure, according to Bankrate.com.