subject: Refinancing Mortgage [print this page] The home appraisal is the written estimate value of your home in the market. The Mortgage lenders use the appraisal to determine for how much mortgage you qualify. When you refinance your mortgage, the appraisal will determine how much equity you own for your home. If you borrow against this equity, the lender will most likely require you to pay for a new appraiser prior to approving your loan.
The appraiser is a licensed tool that will do all by itself a market research, analysis of sale prices of the properties similar to yours or in your locality & evaluate the condition & amenities of your home. This is the electronic appraiser that calculates the home value on all these basis automatically and you end up getting the best value as per the market values. The electronic appraiser asks for all the minute details of your home to calculate your home value so that it can give you the appropriate home value as per its market analysis.
When you are refinancing mortgage your main goal is to get the maximum highest home value by the electronic appraiser. To attain this motive, there are many changes that you can make to your home which will lead to improve your home value effectively. Though, the changes are not supposed to be drastic ones that you renovate the complete home, but small minor changes like improvement in the outer look of the home, painting the walls that look dirtier, getting the outer part of the home cleaned, fencing the house, updating the conditions of the bathroom, etc. Even all these minor changes that will not even cost you much should be changed or renovated so that the buyer does not feel that the house he is buying is not worth buying.
The best way to ensure of all these facts is to note all the changes that are supposed to be made & get them changed as and when you can before the house is sold. This will help you in fetching more value through the electronic appraiser. As this electronic appraiser is absolutely computerized, there is no way that the final home value given by it be biased or incorrect. This electronic appraiser calculates the home value on the basis of all these details of the home coordinating it with the market values at present & the future estimated value.
The electronic appraiser can always help you in getting the better home value and that too for free. This electronic appraiser is usually available on internet on property website & is absolutely computerized; it does not work manually. This is the main reason why electronic appraiser should be used to calculate home value for refinancing mortgage.
