You’ve been in your home a few years now and it makes sense to refinance. However, you still need to have an appraisal and inspection done on your property before you can refinance.
The process for an appraisal on a refinance is similar to an appraisal on a purchase.
The process must be completed by a licensed appraiser. The appraiser will review similar comparable homes within the area to better gauge the value of your property.
The appraiser records detailed notes on the property and although it sometimes feels like they are just guessing at the value, an appraisal is a lengthy and detailed process.
Please take a moment to watch the video to familiarize yourself with the process.