Property Appraisal for Refinancing
The process of refinancing your home is essentially replacing your old mortgage with a new one due to your home’s change in value since the time it was purchased. Lenders will generally require a home appraisal to ensure the new mortgage amount can be justified by the house’s value today. If the appraisal reveals that your home is worth more than it was when purchased, you may be able to get cash out as part of the refinancing. The lender will take care of appointing an appraiser for the job.