My house was appraised in March 2009, now I want to refinance, do I need to have another appraisal done?

Asked by Kate, 02649 Sun May 17, 2009

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Stevens & Ma…, Agent, Centerville, MA
Sat Jun 16, 2012
Depending what your appraisal is being used for, I would say you need an updated one. Though, check with your lender.
8 votes
Peter McCorm…, Agent, Marstons Mills, MA
Sun May 17, 2009
Try refinancing with your current lender first. If you're just refinacing the current principle and not taking any money out, they may use other valuation methods other than an appraisal. Your current lender may also reduce other fees and closing costs. Also, under the Housing Assistance Program (Hap) which was part of Pres. Obama's stimulus package, there are provisions to help homeowners refinance, but they must use their current lender. Some of those provisions include less restrictive loan qualifications so homeowners who have lost the 20% equity reserve which is usually required can still refinance up to 105% of the value of their home.
For all mortgage financing, always ask what fees the bank can reduce if you finance with them. They all want your business. Good luck.
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1 vote
Scott Godzyk, Agent, Manchester, NH
Mon May 5, 2014
YES, most appraisals are only good for 6 months but in a changing market that sees values going up or down, they may only be good for 3 months. Each lender will always order their own appraisal and never really use an appraisal done by someone else or for another purpose.
0 votes
Tammy Hayes, Agent, Port Charlotte, FL
Mon May 5, 2014
We refinanced our home and did not have to have an appraisal done. We originally purchased it in 2008 and refinanced in 2013. It just depends which lender you use.
0 votes
My NC Homes…, Agent, Chapel Hill, NC
Mon May 5, 2014
Absolutely. Appraisals are only good for a very limited period of time as the market changes all the time. The re-appraisal will be ordered by the lender ywho is refinancing your home, this isn't something you will do.
0 votes
Art DePaul, Agent, Osterville, MA
Mon May 5, 2014
Your refinance institution or lender will have many requirements for you in their refinance application. Typically, one of them is a very recent appraisal. And it stands up to reason as the lender is giving you money based on their judgment of what and your property would sell for in the market place with the proceeds of that sale to cover their loan amount and other expenses of the sale. And since an appraiser is licensed in the discipline of valuing real estate, following a strict methodology, to arrive at “their opinion of value”. The lender reviews the appraiser's opinion of value, along with many other factors, and calculates a loan offering which includes a dollar amount. Read the lender's offer carefully and get competent advice from counsel.
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Bill Eckler, Agent, Venice, FL
Sat Apr 19, 2014
Your lender will call that shot......It's likely that your real estate market has changed in the past 5 years. It's very unlikely that any lender would venture into a loan without a current appraisal.

Good luck,

0 votes
Kellen Gracey, , 33304
Mon May 18, 2009
The answer to that question depends on the situation and what you're trying to do. There are streamline products available through your current lender that will allow you to, basically, refinance your mortgage by signing a bunch of papers.

There are also new programs out through Fannie Mae, Freddie Mac that will allow for a higher LTV than usual (up to 105%). If your current balance isn't too close to the appraised value from last year, they might not even require a new appraisal.

Most times, however, an appraisal is done everytime you refinance. But, there are programs out right now that are relaxing on these requirements.

If you need any help with a refinance, let me know. I can walk you through the process and place your loan.

Kellen Gracey
Mortgage Specialist
BayBurg Financial
(386)237-7231 Cell
(954)764-7064 Office (Ext. 214)
(866)230-8050 Toll Free (Ext. 214)
0 votes
Robert Spino…, Mortgage Broker Or Lender, Mill Valley, CA
Sun May 17, 2009

If you are eligible for one of the new Home Affordable Refinance Programs, you may not need a new appraisal. If you are interested in finding out more, please get in touch and I'll walk you through the steps for determining your eligibility.

Thank you,

Rob Spinosa
0 votes
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