After buying a house, it’s common for homeowners to refinance their mortgage in the hopes of lowering their interest and monthly payments. Before starting the process and hiring a licensed appraiser to walk your property, here’s a list of factors to take into consideration. 

4 Considerations Before Refinancing Your Home

1. Correct Credit Errors

To successfully lower your interest rate, you’ll want to show your lender you have excellent credit. Pull your credit report and work on correcting any errors before refinancing. The higher your credit score, the more likely it is that you can lock in a low rate moving forward. 

2. Find the Right Lender

The refinancing process can be overwhelming and may feel complicated if you don’t have the right support system. Find a mortgage broker that specializes in refinancing and understands the market in your community. This individual can provide helpful insight and direction to ensure you receive a favorable rate. 

3. Evaluate Your Property Before the Appraiser

A critical part of the refinancing process includes an appraisal to determine your home’s current value. Before scheduling this appointment, carefully evaluate your property from the inside out. Test lights, outlets, faucets, and appliances to ensure every element of your home is in working order. Remember that first impressions count; landscaping and giving your home a deep clean before the appraiser comes can be incredibly beneficial. 

4. Invest in Home Improvements

While you may not have the time and money to completely renovate and overhaul your living space, look for home improvement opportunities that can increase your property value. Replacing outdated sinks, toilets, or appliances is a perfect way to boost value. Swapping light fixtures, replacing countertops, or installing wood floors can also increase value leading up to the refinancing process. 

Are you refinancing your home and looking for a licensed appraiser to provide a timely, accurate assessment of your property? If so, Tri-County Appraisals is the right choice. Led by Kenneth Lavertu, SRA, this real estate appraiser has been providing unbiased analyses to home buyers and sellers across Northern Colorado for over 22 years. To schedule an appraisal to better understand your property value, call (970) 888-3733. For more information on their service area and commitment to expert evaluations, visit their website.