Posted on: 7 January 2016Share
When it comes to refinancing a mortgage, there are many benefits to it. Homeowners can often enjoy a shorter mortgage term, a lower interest rate, or even change the type of mortgage they have. The process of refinancing can take some work, but it can also save you money in the end. Essentially, you are paying off your current loan and obtaining a new one. In an effort to get a new mortgage with new terms, you will need to have an appraisal done on your house. An appraiser will schedule a time to come to your house in order to get the appraisal. Typically, you can expect the appraisal to take about 30 minutes unless you have a larger home. While it isn't a lengthy process, there are some things you can do to get the most out of your refinance appraisal.
Update Your Flooring
Flooring can be a huge factor in the appraisal process. If you currently have carpeting throughout the home, you may want to look into updating it to hardwoods or laminate. Laminate flooring can be cheaper than hardwoods, yet it mimics the look of hardwoods where most people cannot tell. If you do not have the funds to replace or update your carpeting, you want to be sure to at least have the carpets cleaned before the appraiser comes. This will help revive your carpeting and give it a fresh look.
Enhance Your Curb Appeal
While the appraiser won't spend a lot of time of judging the exterior of the home, you still want to offer a great first impression. Sprucing up the flower beds with plants and pine straw can provide a great first look. You also want to get rid of any dead trees that could be dangerous to the property or the home. Power washing your home, driveway, and sidewalks will help remove any stains and make the home look newer.
Bathrooms and Kitchens
The bathrooms and the kitchens are the most popular rooms in a house so you want to make sure they remain updated. Replacing old fixtures and appliances to more modern ones can increase the value of the home. Even replacing the knobs on cabinets and drawers can make a huge improvement.
If You Get a Lower Appraisal
When you do receive your appraisal report, you want to check it for any errors. Check each box that is marked and unmarked to see if the appraiser made any mistakes. You also want to check any measurements that were reported to see if they are accurate. The comps listed in the report help determine your home's appraisal value. If there are not enough comps available, you may want to talk to your appraiser about going further back than the last 90 days to see if there are more sales in the area. If you can get enough evidence that there are better comps in the area, then you can request another appraisal.
For residential financing, contact a company such as Kingsway Investment Ltd.