Refinancing is often an option a borrower can make when looking to change their loan agreement to a new one, whether it is from the same or a new lender. The chances are that you’ve found a loan with a lower interest rate, better monthly payment, a fixed-rate mortgage, or a 15-year loan term. When taking the plunge into refinancing, however, you’ll have to deal with one big obstacle—the home appraisal. This is because you won’t be able to refinance your mortgage if the home value is too low.
In this article, we will share our guide on how to get a high home appraisal:
Take your home’s curb appeal up a notch
If you want to increase the value of your property, you must first give it a major overhaul. You can start enhancing your home’s curb appeal by paying attention to your home’s exteriors and surroundings. Doing this can be as simple as installing a decorative front-entry door, building patio and decks, constructing walkways and driveways, and enhancing your lawn or garden.
Push through with those small repairs
As a homeowner, you may have been delaying those minor damages at home, especially if you only think about saving on repairs fees. This is also true for most households where they’ll only get immediate repairs if the property issues are already worse. If you’re looking to refinance your loan, you must push through with those minor repairs early on. For instance, you should fix those faulty doors and windows, repair your roof’s shingles, fascia, as well as eaves, and soffits, or get your plumbing system back to its shape and condition!
Record all recent improvements
If you’ve made recent home improvements, you must record and file them. The chances are that you’ve made a home extension project or a kitchen and bathroom renovation, and be sure to have before-and-after photographs of these improvements and upgrades. Also, save all your receipts, keep the permits, and file them in digital format. That way, you can have all these pieces of information as proof of your home improvements to be submitted to your appraiser.
Check comparable sales in your area
When looking to refinance your loan, it’s good to compare recently sold homes that are similar to yours nearby. Visit your local county offices and check what properties have been sold in your area within the last six months. From there, see them in person and ask what the home values are to give you a robust idea of how much the value of your home is. With these in mind, you’ll be able to challenge any lowball offers your appraiser will use and never wait until the appeal process.
Here at Benjamin Group Lending, we help clients apply for a mortgage in California and assist them in their real estate journey. Apart from our extensive mortgage services, we also deal with loan processing, underwriting, documentation, funding, and not to mention real estate appraisal. Whether you’re buying a home, selling a property, or refinancing your mortgage, we’ve got you covered!
Conclusion
At this point, you now know how to get a high home appraisal. All it takes is to take your home’s curb appeal up a notch, push through with those small repairs, record all recent improvements, and check comparable sales in your area. With all these key steps in place, you’ll be able to have a high home appraisal that will allow you to refinance your mortgage!
We’re both an independent mortgage broker and real estate agency rolled into one, proudly serving potential and existing homeowners in California. If you need help and assistance in your real estate appraisal process, connect with us today to schedule an appointment today!
