how long is an appraisal good for refinancing

There is no date, but no lender who plans to stay in business would give you a loan based on an appraisal performed 30 years ago- or even 1 year ago. As a standard, most solid home appraisals are good for between 60-90 days. This is a good rule of thumb, but it’s not an exact science- there are a few exceptions.

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The subsequent transaction may only be a Limited Cash-Out Refinance. The appraisal report must not be more than 12 months old on the note date of the subsequent transaction. If the appraisal report is greater than 4 months old on the date of the note and mortgage, then an appraisal update is required.

Lenders typically charge fees for the mortgage broker’s services, credit reports, a home appraisal and. the loan amount. As long as that is comfortably shorter than the time you plan to stay in the.

In a refinance, however, a low appraisal may not be a deal breaker. Let’s say your lender is willing to loan you as much as 80 percent of your home’s value. If the property is appraised for $300,000, you can get as much as $240,000 in financing. If the appraisal comes in at $290,000, the maximum loan amount is $232,000.

How to Prepare for an Appraisal for Refinance Written by dana sparks; updated june 27, 2017 A home appraisal is designed to determine the value of your property.

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3. The VA appraisal fee equals. Buyers will usually need to pay for the appraisal upfront. That fee varies by state of purchase and type of home (single-family vs. condo vs. manufactured home), but plan for $300 to $500. You can try and recoup this fee at.

An appraisal is a certified professional’s opinion of the value of a home based on factors such as number of. Not everyone needs an appraisal to refinance a home loan, but should you get one anyway?. Pros and cons of refinance appraisals.. A good way to determine if the loan-to-value ratio is low.

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