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The appraisal can help the lender learn about the value of homes in your neighborhood, as well as how you’ve maintained the property. Why do lenders require home appraisals for a refinance?
Let’s say your home’s assessed value on your most recent property tax bill was $368,000, while the appraised value for the refinance is $430,000. Your property taxes would be calculated using ...
Traditional appraisal process. No-appraisal process. Inspection. Licensed appraiser inspects property in person. Uses automated valuation models (AVMs) to assess value
An appraised value (United States) or mortgage valuation (Australia) pertains to the assessed value of real property in the opinion of a qualified appraiser or valuer. It is usually a pre-qualification & risk-based pricing factor related to the issuance of mortgage loans by a financial institution .
Once you have your appraised value, you can divide the remaining balance on your mortgage by this appraised value to find your LTV. Say you purchased a $250,000 home with a mortgage you still owe ...
For example, if closing costs on your refinancing are $5,000 and the amount you are refinancing is $150,000, the lender can give you a total of $155,000, borrowing against your home’s value and ...
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