Before Selling your House

Homeowners considering putting their house on the market can have a pre-listing appraisal conducted to get a better sense of the market value of the home. Doing so can help determine a realistic asking price, increasing the likelihood of a fast sale.

Refinancing your Home

When you refinance your home, you’re actually replacing your old mortgage with a new one because your home’s value may have changed since you first bought it. For that reason, lenders will require an appraisal to ensure the new mortgage amount can be justified by what the house is worth today. If the home’s value has increased since it was purchased, you may be able to get cash out as part of refinancing. However, if it has declined, you may have difficulty securing a new loan.

Applying for other Loans

Other types of loans, including cash and business loans, may require you to use your home as a source of collateral. As with home equity loans, the bank will want to make sure the money it lends is supported by the current value of your property.

Home Buyers

When buying a home, lenders often require an appraisal because they want to be certain that the home is worth its purchase price, and can be sold to cover losses if you default on your mortgage.

Getting a Home Equity Loan

When buying a home, lenders often require an appraisal because they want to be certain that the home is worth its purchase price, and can be sold to cover losses if you default on your mortgage.

Appealing Tax Assessments

If the value of your home listed on your property tax bill appears too high you may be able to appeal the assessment.

An independent appraisal could help strengthen your case, which ultimately could lower your annual property tax.