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If I refinance will the bank re-appraise my house?

Is there a time limit? Like if you refinance after 1 year does the bank still do an appraisal?
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June 07 2012 - Marysville
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MOST of the time they will require an appraisal for a refinance. Some loan programs do not require an appraisal if they deem that the value, derived from their AVM (Automated Valuation Model), falls within their guidelines on certain loan programs (for example, a HARP loan or FHA Streamline).

In your case, they will definitely require a new appraisal unless you are utilizing one of those programs that does not require it. Unfortunately, you can't use an old appraisal on a new loan.
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June 08 2012
It depends on the type of refi you are going to do.  An FHA streamline does not require an appraisal for most banks, neither does VA.  If you have already lost some equity and need to do a HARP 2.0, then the DU findings will say if you get an "appraisal waiver" or not.  So the overall answer to your question is MAYBE.  Contact a trusted advisor who knows what program are available.
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June 07 2012
An appraisal is only good for one day - the day of inspection. Period.

The bank will ALWAYS re-appraise your property, its to protect themselves from devaluation. Also if you get a loan with a different lender, the lender will always hire THEIR appraiser regardless of when the appraisal was done.
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June 07 2012
NOT TRUE! but most likely.. the bank will will do there own online desktop (not in depth) comparison value on your home and if you have enough equity they may not require an Appraisal on anther scenario if the bank find that the loan value is  within -30% (guesstimate) of home value they may require an appraisal ..
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June 07 2012
Yes they will appraise your home,  some time the degree of appraisal may vary from a drive by to come inside and measure every room and ask many questions.
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June 07 2012

with a regular refinance -  new appraisal  will liekly be needed

there are times when an appraisal may not be needed  though ...so consult with a local Loan office to get more details

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June 07 2012
 
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