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00:00 Intro
00:08 Refinance Refresher
00:30 Why Lenders Need Another Appraisal
00:45 Why You Want The Highest Possible Appraisal
01:01 Factors You Can & Can't Control
01:33 Make a List For Your Appraiser
01:45 Make Sure Everything Works
01:57 Closing
Mortgage refinancing can offer many financial advantages. It allows qualified homeowners to replace their current mortgage with a new one that has more-favorable terms. That could include lowering the interest rate, changing the repayment period, or making the monthly payment more affordable. Refinancing is especially attractive when interest rates drop, or when homeowners want to borrow some of their equity.
Getting a mortgage refinance is a similar process to taking out the mortgage you used to buy the home. It often includes an appraisal of the property, which plays a big role in the lender’s decision to approve the loan and what terms it will offer.
Featuring Annie Margarita Yang, Personal Finance Writer
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LowerMyBills does not endorse, warrant, or guarantee any financial product, service or company and makes no representation of any rates or financial programs. The content displayed on LowerMyBills or in this video does not provide legal, financial, accounting or tax advice.
