Greece, New York

How a Home Appraisal Can Boost Your Chance of Mortgage Refinancing Success January 11, 2017

Greece, Monroe
How a Home Appraisal Can Boost Your Chance of Mortgage Refinancing Success, Greece, New York

If you want to refinance your mortgage, a professional real estate appraisal can help you get a lower interest rate and more attractive terms. Metro Appraisal Associates in Rochester, NY, is licensed to conduct inspections in all 50 states and has helped property owners across the country get the detailed information they need for refinancing leverage.

A home appraisal can positively affect the refinancing process by eliminating the need for private mortgage insurance (PMI). If the new loan request is less than 80% of the home’s value and the property’s market price is a higher amount than the lender provides, PMI is not necessary.

Borrowers are likely to increase their chances of gaining successful refinancing terms with an appraisal report. Some government loans, such as those offered by the Federal Housing Administration and Department of Veterans Affairs, may approve a refinanced loan even if the buyers don’t meet all the program’s requirements as long as an appraisal is submitted.

A real estate appraisal that reveals the requested refinance loan is a smaller percentage of the house’s value could result in a lower interest rate. A rate typically depends on whether the loan-to-value ratio is too high for the lender’s taste.

Appraisal Rochester NYLicensed and professional appraisers are skilled at identifying price trends in the housing market. An associate who is familiar with an area can include home price decreases and increases in their appraisals, and the data can be advantageous to borrowers seeking the best refinancing deal.

Whether you need a residential or commercial appraisal, the national network of certified appraisers at Metro Appraisal Associates will supply the necessary information to accurately assess your property’s value. In addition to serving homeowners in the United States, the firm is licensed to conduct appraisals in Canada, the Caribbean, and Mexico.

Boost your chance for favorable mortgage refinancing terms with a complete appraisal from Metro Appraisal Associates. Call (585) 225-3042 to schedule an appointment, and visit their website for more information about appraisals for other situations, including bankruptcy and court testimony.

Other Announcements, Events and Deals from Metro Appraisal Associates
4 Frequently Asked Questions About Real Estate Appraisals , Greece, New York
A qualified real estate appraiser is a trained professional who uses several methods to reach an unbiased opinion about the value of a piece of property. This information is more
What You Need to Know About Commercial Appraisals , Greece, New York
Whether you’re a small business owner or the head of a large corporation, buying commercial real estate is a significant investment. To ensure you get a fair deal, you’ll need to more
4 Details Buyers & Sellers Should Know About Real Estate Appraisals , Greece, New York
Real estate appraisals are a key part of the home buying and selling process. They are typically required by mortgage lenders to identify how much a property is worth before more
What Is FHA Approval & How Does a House Qualify?, Greece, New York
If you're considering buying a home with a Federal Housing Administration (FHA) loan, you're sure to hear the term 'FHA approved' mentioned regularly. The approval is such an more
Real Estate Price & Value: An Appraisal Expert Explains the Difference, Greece, New York
Whether you’re a buyer or seller, the value of a house is an important aspect of a real estate transaction. However, this number won’t always be equal to the asking price or more