{"id":841,"date":"2023-10-17T18:37:02","date_gmt":"2023-10-17T18:37:02","guid":{"rendered":"https:\/\/jaromortgage.com\/?p=841"},"modified":"2023-10-17T18:37:02","modified_gmt":"2023-10-17T18:37:02","slug":"appraisals-in-mortgage-refinancing-what-you-need-to-know","status":"publish","type":"post","link":"https:\/\/jaromortgage.com\/uncategorized\/appraisals-in-mortgage-refinancing-what-you-need-to-know\/","title":{"rendered":"Appraisals in Mortgage Refinancing: What You Need to Know"},"content":{"rendered":"
Occasionally, homeowners consider refinancing a mortgage during their homeownership journey. Whether it’s to secure a lower interest rate, reduce monthly payments, tap into home equity or change the terms of the loan, refinancing can offer a multitude of benefits. Yet, the importance of appraisals in the refinancing process is frequently underestimated. In this blog, we’ll explore the significance of a refinance appraisal, when it’s needed and the common types of home appraisals used.<\/p>\n
A home appraisal is a thorough assessment of the current value of your home. This market value assessment serves multiple purposes during the refinance process.<\/p>\n
An appraisal is not always required for mortgage refinancing, but this depends on several factors, including the type of refinance, the LTV and the lender’s policies. Here are some common scenarios in which an appraisal may or may not be necessary for refinancing:<\/p>\n
Keep in mind that while some lenders may offer no-appraisal or appraisal-waiver options, others may still require an appraisal based on their internal policies and risk assessments. Additionally, even if an appraisal is initially waived, the lender may request one during the underwriting process if they have concerns about the property’s value or condition.<\/p>\n
When you prepare for a mortgage refinance, different types of appraisals can be used to determine the current market value of the property. Here are some common types of refinance appraisals:<\/p>\n
The type of appraisal used can vary by lender, loan program or local regulations. The choice of appraisal type often depends on the lender’s risk assessment and the specific circumstances of the refinancing. Borrowers should discuss the appraisal requirements, including costs and implications, with their lender or mortgage professional to determine which type is needed for their refinance.<\/p>\n
With a deep understanding of the local real estate market and a proven track record, we are well-equipped to secure the best refinancing options for our clients. We tailor solutions to meet individual financial goals and provide clear guidance throughout the refinancing process. By choosing Jaro, you’ll benefit from a dedicated and experienced team of professionals committed to helping you save money and achieve their homeownership objectives. Contact us<\/a> today to get started.<\/p>\n","protected":false},"excerpt":{"rendered":" Occasionally, homeowners consider refinancing a mortgage during their homeownership journey. Whether it’s to secure a lower interest rate, reduce monthly payments, tap into home equity or change the terms of the loan, refinancing can offer a multitude of benefits. Yet, the importance of appraisals in the refinancing process is frequently underestimated. In this blog, we’ll […]<\/p>\n","protected":false},"author":3,"featured_media":842,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1],"tags":[14,29,20,15],"yoast_head":"\n