During the refinancing process the property will be appraised and the lender has to provide you with a copy of the appraisal.
You can also get an idea of your property value by using http://www.zillow.com but it is not always accurate. Whilst on that site provide your property address and then list all the improvements that you have done to it. Zillow will adjust the property value over time. Interestingly enough, I have seen bank underwriters use zillow to check the value of a property so it is a useful tool.
Good luck and if you have any more questons or need a good mortgage broker give me a call.
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Make sure to double check the appraisal. I have had some appraisers come into Philadelphia from Chester and Bucks county not really understanding that a home on block "A" might be worth twice as much as the one on block "B", even though they are right next to each other. Please let me know if you need any help and I can have an appraiser help you double check it.
You are certainly allowed to present information to the appraiser as a homeowner. As a matter of fact, you can dispute the findings if the appraiser omitted data that would impact valuation. The key is to "inform", not "influence".
Even if the valuation that you receive is less than what you wanted to hear, you still might have other options.
Thanks to everyone for all of your suggestions and help. I greatly appreciate it.
GFI Mortgage Bankers, INC.
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Feasterville Trevose, PA 19053
Toll Free 877.409.3377
Best of luck and enjoy your holidays
As stated already, your best bet would be to get a full appraisal done (both exterior and interior). This should be part of your refinance process, but if it isn't you may want to get one on your own (it will cost you a few hundred bucks).
I have some appraiser recommendations if you need any help. Lots of luck to you!
Timothy M. Garrity | Brown McKinney Real Estate, Co.
Real Estate Professional & Consultant
firstname.lastname@example.org Email| http://www.brownmckinney.com/tim Website
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V.I.P. Realty Corporation
The reason I bring up my home buying program is because I live near a university (the same one I work for who offered the program in the first place as part of a slow gentrification/redevelopment program) in a somewhat fringey neighborhood where homes that have been bought, rehabbed and sold for double their sale price sit next to shells. This makes it hard to give an accurate assessment as someone who is not a profressional.
That said, should I be giving a higher ballpark estimate when I am refinancing or is there any way to have it appraised prior to the application?
Did any of that make sense?
You mostly likely would be required to pay for appraisal.
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors