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Mortgage Community Forums | Property Appraisal | Mandatory to appraise property

Mandatory to appraise property

Posted on: 29th Jun, 2012 01:30 am
i have applied for refinance and the lender was speaking about property appraisal. is it mandatory to appraise property before refinance?
Hi Shevik,

Yes, it is mandatory to appraise your property before the lender considers it for refinance. It will help the lender to know the actual valuation of the property.

Thanks
jameshogg
Posted on: 29th Jun, 2012 01:43 am
Hi Shevik,

I agree with James. It is mandatory to appraise the property before refinance. This appraisal will help the lender know whether or not you have equity in your property. If you're underwater, then your request for refinance will get cancelled.
adonis
Posted on: 29th Jun, 2012 08:17 pm
No, they're not mandatory. Appraisals aren't required for streamline refinancing. However, they are required for all other types of refinancing.
raymond
Posted on: 30th Jun, 2012 09:42 am
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