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Do You Need a New Appraisal When You Refinance?
Do You Need a New Appraisal When You Refinance?
It's September of 2019 and interest rates are again approaching historic lows.  This means that many homeowners are considering a refinance --- and for good reasons.  If there is a hurdle for some, it's the cost and risk of getting an appraisal on their property.  What happens if the appraised value doesn't support the loan amount, loan-to-value or the transaction itself?  Are these clients then out the money for the appraisal report, typically anywhere from $500 to $1200?
Earlier in the year, we introduced an appraisal tool that allows us to determine, in advance and with a very high degree of accuracy, if a refinance transaction will be eligible for an appraisal waiver.  This all happens before a client even makes a loan application, so we don't require any personal information.  How does it work?  We need three pieces of information:
The address of the property. The estimated value of the home. A good idea of the loan balance being refinanced.  
With the above, we can assess the probability of getting an appraisal waiver and if we do, we can be off to the races and closed on a refinanced with less time and ... more

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