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How Do I Find Out How Much Homes Are Valued When I Refinance?
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By Ben Afzal

Basics

Your appraisal value is usually determined by different factors, including the value of comparable properties.

Value of Comparable Properties

An appraisal will take into account the value of similar properties nearby your location. These factors will include:

  • property size
  • number of rooms and bathrooms
  • size of lot
  • upgraded amenities
  • pools

The comparable properties are usually within several miles of your property.

Your property value will be affected by recent real estate transactions near your property. This data usually represents the most recent trends in your area and can strongly influence your appraised value. In a rising market they can help increase the value of your property, and in a cooling market they can help decrease the value.

How Much You Can Borrow

If your credit and other loan factors are good you may be able to refinance up to 100% of the value of your property. Some lenders will go to 125% of the value of the property, but these are usually full documentation loans.

Your Payment Size

The type of loan you get in your refinance will affect your payment size.

A regular 30 year fixed payment will give you one payment size, but an interest only loan will give you a much lower payment.

Now there are 80/20 option payment ARM loans that allow a borrower to make a minimum payment on the first 80% loan. This offers the borrower a chance to have a very low payment - often lower than an interest only payment.

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This entry was posted on Wednesday, October 11th, 2006 at 2:07 am and is filed under Refinance. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

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