Pros and Cons of Refinancing Appraisal

Many homeowners want to refinance their home loans in order to take advantage of lower mortgage rates. Before a loan is approved, however, the borrower likely will be asked to order a professional appraisal to assess the value of the property.

Even though appraisals are common, not everyone needs one to refinance a home, says Carolyn Warren, author of the book "Homebuyers Beware." That's because lenders sometimes participate in plans that allow eligible homeowners to skip the independent valuation, she says.

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