Start renovating your house before the appraiser visits4 of 7Taking a sledgehammer to the interior of your home before the appraiser arrives is a good way to get turned down for a refi.The appraiser delivers an estimate of the home's value on the day of the inspection. The house will be worth less on that day if the upstairs is a shambles or the bathroom fixtures have been ripped out. That's the case even if the renovations, when completed, will enhance the home's value."Don't start a renovation before the appraiser gets there," Walters says. "You'll see this sometimes when people are taking cash out and want to do a bunch of stuff. Do not do that, because if you've ripped out half the second floor and it's not in final condition, we can't close your loan."If you plan to renovate, start after closing the refi. Related Articles:Conventional refinance?'Cash-in' refi takes offLow score = high paymentLow cost refinanceRelated Links:Refinance home or move?How to kill a loan closingMortgage calculatorBest mortgage for you? advertisement
Taking a sledgehammer to the interior of your home before the appraiser arrives is a good way to get turned down for a refi.
The appraiser delivers an estimate of the home's value on the day of the inspection. The house will be worth less on that day if the upstairs is a shambles or the bathroom fixtures have been ripped out. That's the case even if the renovations, when completed, will enhance the home's value.
"Don't start a renovation before the appraiser gets there," Walters says. "You'll see this sometimes when people are taking cash out and want to do a bunch of stuff. Do not do that, because if you've ripped out half the second floor and it's not in final condition, we can't close your loan."
If you plan to renovate, start after closing the refi.
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