Refinancing Question.

[btracecars]

Ive refinanced a few times but its been a while. Is it normal for them to want to come In and take pictures all around the house or is this something new because of all the recent problems? I dont know if im comfortable with them doing it.What say you?

 

[13SECSS]

Anytime you refinance your home, the lender has to do an appraisal to justify the worth of the collateral (your home). The appraisal has to come in at a certain value for the lender to loan the money as there are loan to value restrictions.

This is something you loan officer should have explained to, as your the one paying for the appraisal.

Hope that helps!!!

If for some reason your not comfortable with your lender, I'd be happy to help anyway I can!

 

[btracecars]

Thanks Steve. I know why they need the appraisal but I guess what threw me was all the picture taking. Like I said nobody even came in the house on my last couple refinances. Lol . They said they just used Comps. I guess those days are gone. Lol

 

[Hugger Z]

Depends on how in depth they need to go. If the comps don't get near the price the bank needs to see, they will order a more in depth assessment where they come on and take pics, etc. I just had to go that route with my HELOC. Yes it's a little unnerving, but it paid off in the end for me.