Refinance Appraisal: What to Expect

How it is ordered and paid

You cannot select the appraiser, and the lender cannot influence the value. The fee is typically collected up front or at closing, and the report belongs to the transaction, not to you personally, though you receive a copy.

Preparing the home

• Make finished areas accessible, including attics, crawl spaces and mechanical rooms.
• Have a list of improvements with approximate dates and costs.
• Point out anything not visible from the street, such as a new roof, furnace or waterproofing.
• Handle obvious deferred maintenance that could trigger a repair condition.

If the value is low

1. 1.Read the report and check the comparable sales, adjustments and square footage for factual errors.
2. 2.Submit a reconsideration of value with specific, closed, comparable sales rather than opinions.
3. 3.Reduce the loan amount or bring funds to reach the required loan to value.
4. 4.Consider a second lien instead of a first mortgage refinance.

If a value comes in short, do not accept it silently. I will review the report with you and tell you whether a reconsideration has a realistic chance.

Educational purposes only. Refinance and VA loan guidelines vary by program, borrower circumstances, property type, entitlement status, documentation and lender requirements. All financing is subject to application, verification, applicable program guidelines and underwriting approval. Not a commitment to lend. Manny Oloyede | Mortgage Broker | NMLS 1824463 | Ultimate Mortgage Brokers LLC. Equal Housing Opportunity.