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PostHeaderIcon Refinance Appraisal & Refinance Penalty

A refi appraisal is used when doing a refinance on a mortgage. An appraisal is done to find out the value of the home. The value of the home is important during a refinance because of the loan to value or better known as the LTV. A good appraisal is one that has accurate comparables of your home. One can get a good appraisal from a certified real estate appraiser. Some question that a person can ask an appraiser is how much has my home value gone up? Is the surrounding area been strong for appraisals? Is my home in good standing for the value or should I look into doing improvements? Also you don’t want appraisal to be inflated, because this will give the underwriters and lenders and reason to terminate the deal.

A refinance penalty is a penalty with the lender which says that if you refi your mortgage within a certain time period, you will be charged with a penalty. In today’s market people who are looking to refinancing their mortgage do not have to worry about pre-payments since they hardly exists. Refi penalty were more for people who did sub-prime loan. These were the clients which were more incline to get a refi penalty. When refi penalty were more frequent to avoid them people would either buy them down at the closing or they would just have to wait the terms of the penalty. It is always a good question to ask about the refi penalties, if there are any. In the act of refinancing your mortgage today pre-payment penalties are a thing or the past and companies rarely have them anymore.

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