- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Answers (5)
- Jason Haugh, "jasonhaugh"
- Contributions:2
You need to check with your lender. You could just be wasting your money if you go ahead. If your lender is willing to accept the appraisal update then you will be golden!
- Clay Branch, "Georgia Loans"
- Contributions:7809
Rebekah, depending on where you live and what lender you end up with, many markets are designated as a Declining Market area. If you are in a declining market, appraisal requirements will be VERY tight and can only use comps with sales in the last 6 months and tighter distance requirements. You should not order an appraisal yourself, your lender or broker will do that. Forget the " update" for $250, that will be worthless to you.
- Bob Carzon, "heritagemortgage"
- Contributions:78
Appraisals generally should be no older than 120 days at the time you close your loan and sign the note. Appraisers may be able to recertify the value of the appraisal for another 60 days, but after 180 days, or just about 6 months, the appraisal is no longer valid for a new loan. So the appraisal you have from a few years ago can't be used for a loan now.
The lenders want the most current value of the home they are lending on, and a two or three year old appraisal won't provide that information.
So, yes, you will have to pay for a new appraisal if you are taking out a new loan today.
The lenders want the most current value of the home they are lending on, and a two or three year old appraisal won't provide that information.
So, yes, you will have to pay for a new appraisal if you are taking out a new loan today.
- Carl Henker, "Carl Henker"
- Contributions:755
Be happy with today's low rates and pay for the required appraisal cost there is not an option for less than complete new appraisal. A lot can happen in two years with home values. Good Luck
- Sam Phomsoukha, "grovetsly"
- Contributions:8
Most likely no, because of the fluctuating mortgage markets, investors will likely require a full appraisal.
Can I get an "appraisal update" for a refinancing loan?
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.