![]() They will count the number of bedrooms and bathrooms, and note the size of the kitchen and living room. Get started with Better Mortgage What do appraisers look for in their reporting?Īn appraiser will thoroughly evaluate the quality of your home’s interior, including: In essence, you are switching out your old home loan for a new one, and your lender needs to know the value of your home to lend the right amount. The appraisal process for refinancing a mortgage is similar to if you’re buying. If you were able to borrow a surplus, your lender would be at risk of losing money if you defaulted and they had to foreclose the property. The purpose of an appraisal is to reassure your mortgage lender that they are not lending more than what your home is worth. In the time since you purchased, any number of events could have changed the value of your home-including upgrades, damage, and changes to the housing market. That’s why it’s necessary to get a new appraisal before you refinance. To determine your home’s value, an appraiser will consider everything from its structural integrity to its age, and the price of similar homes in the neighborhood. Appraisals can take anywhere from a few minutes to several hours to complete. It's conducted by a licensed professional and requires a thorough inspection of your home and its surrounding area. ![]() What is an appraisal?įirst things first: an appraisal is an unbiased estimate of your property's fair market value. Let’s go over what appraisals entail and what factors can influence them. The short answer is “no, a messy home should not affect the outcome of an appraisal.” However, it’s good to be aware that there are circumstances in which the state of your home can negatively affect its value. You didn’t have to worry about this before, but now you’re asking: can a messy home affect an appraisal? ![]() This time, you’ve lived in your home for a while and it’s showing basic wear and tear and other signs of life. You probably had your home appraised when you first bought it, but if you’re looking to refinance, you’ll likely have to go through the process again. How to prepare your home to get appraised The kinds of clutter that can affect a home’s value Why you need an appraisal for home refinancing
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