Zillow Advice: Refinance - Can I get an "appraisal update" for a refinancing loan?

You need to check with your ...

Fri, 30 Jan 2009 21:21:00 GMT

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!

Rebekah, depending on where ...

Sat, 10 Jan 2009 17:14:00 GMT

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.

Appraisals generally should ...

Sat, 10 Jan 2009 02:38:00 GMT

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recertify the value of the appraisal for another 60 days, but after 180 days, or just about 6 months, the appraisal is no longer valid for a new loan.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.

Be happy with today's low ...

Fri, 09 Jan 2009 23:36:00 GMT

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

Most likely no, because of ...

Fri, 09 Jan 2009 23:03:00 GMT

Most likely no, because of the fluctuating mortgage markets, investors will likely require a full appraisal.