It's a good idea to clean up as best as possible, though appraisers are more interested in how the home has been maintained, and not so much your housekeeping skills.
EL SEGUNDO, CA (PRWEB) April 16, 2013
Seeking the advice and knowledge of a professional helps Americans make the right choices to pull themselves out of a financial rut. GoBankingRates’ new Q&A series allows readers to gain perspective into their most troubling financial questions. Personal finance expert, Casey Bond, share her expertise on topics such as budgeting, saving money, mortgages, debt, and more.
The most recent question comes from a reader trying to refinance their home: “I've been trying to get my mortgage loan refinanced, but my home wasn't appraised high enough to be approved. If I already have a mortgage, why does my home value matter, and what can I do to get approved for a refinance?”’
Ms. Bond explains that a home’s appraised worth compared to the amount the homeowner borrowed (the “loan-to-value ratio”) is an important factor for lenders when determining the risk of a loan refinance. When a home has lost value, it can be trickier to get a mortgage refinance approved.
Fortunately, Ms. Bond provides some tips to help homeowners ensure their home is appraised at the highest possible value.
She says, “It's a good idea to clean up as best as possible, though appraisers are more interested in how the home has been maintained, and not so much your housekeeping skills.”
“Things like peeling paint, a yard overrun with weeds or a leaky roof will all stand out as red flags that will lower the appraisal,” she continues.
In her response, Ms. Bond also outlines steps homeowners can take if they have already received a low appraisal.
For questions about this Q&A or to schedule an interview with Casey Bond, please use the contact information below.
About Casey Bond
Casey Bond has been a professional within the finance industry for close to a decade. Today, Ms. Bond regularly appears on a number of major national publications in addition to GoBankingRates, including Business Insider, US News & World Report, and The Huffington Post. She can also be found on Yahoo Finance!, Fox Business, and LearnVest, as well as in Redbook and Style. Her highly-anticipated newsletter "Cents in the City" is set to launch in the second quarter of 2013.
GoBankingRates.com is a national website dedicated to connecting readers with the best interest rates on financial services nationwide, as well as informative personal finance content, news and tools. GoBankingRates collects interest rate information from more than 4,000 U.S. banks and credit unions, making it the only online rates aggregator with the ability to provide the most comprehensive and authentic local interest rate information.
Jaime Catmull, Director of Public Relations