Do You Need a New Appraisal When You Refinance?

Reblogger Ginger Harper
Real Estate Agent with Coldwell Banker Sea Coast Advantage 93383


Of course you do.  The market changes minute by minute. 


Original content by Rob Spinosa NMLS: 22343

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:


  1. The address of the property.
  2. The estimated value of the home.
  3. 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 less expense.  It's really that easy and it's a huge edge for the homeowner looking to save money on their housing expense.


Oh, and one of the best things about our appraisal waiver platform?  It works for purchases too!  If you're considering making an offer on a property, run it by us.  We can put in the address of the property and the intended offer price and we'll know in advance if you'll need an appraisal.  In cases where you don't, you can offer without an appraisal contingency, possibly further strengthening your offer.


Appraise be to God, 



Robert J. Spinosa
Vice President of Mortgage Lending

Guaranteed Rate
NMLS: 22343 
Cell/Text: 415-367-5959


Marin Office:  324 Sir Francis Drake Blvd., San Anselmo, CA  94960

Berkeley Office:  1400 Shattuck Ave., Suite 1, Berkeley, CA  94709

*The views and opinions expressed on this site about work-related matters are my own, have not been reviewed or approved by Guaranteed Rate and do not necessarily represent the views and opinions of Guaranteed Rate.  In no way do I commit Guaranteed Rate to any position on any matter or issue without the express prior written consent of Guaranteed Rate's Human Resources Department.


Guaranteed Rate. Illinois Residential Mortgage Licensee NMLS License #2611 3940 N. Ravenswood ChicagoIL 60613 - (866) 934-7283


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Rose Mary Justice
Synergy Realty Pros - Dandridge, TN
Synergy Realty Pros

This would be a super useful tool and save time and buyers money. I can see how you should do well in the near future.

Sep 07, 2019 07:24 PM #1
James Dray
Fathom Realty - Bentonville, AR
Exceptional Agents, Outstanding Results

Morning Ginger.

Interesting concept, I know it is not used around here, pity.  

Sep 08, 2019 01:25 AM #2
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Ginger Harper

Your Southport~Oak Island Agent~Brunswick County!
Is the Sun and Sand Calling YOU?
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