How long is appraisal good for refinance?
When you are looking to refinance your home, an appraisal is typically good for up to 120 days. This means that the appraisal report is valid for four months from the date it was conducted.
1. Can I use an old appraisal for a refinance?
No, you cannot use an old appraisal for a refinance. Lenders require a current appraisal to assess the value of the property accurately.
2. Does the type of loan affect how long an appraisal is good for refinance?
Yes, the type of loan can affect how long an appraisal is good for refinance. For example, FHA loans may require a new appraisal if the original appraisal is more than 120 days old.
3. Can I get a copy of the appraisal for my records?
Yes, you have the right to request a copy of the appraisal for your records. Make sure to keep a copy for your own records.
4. Will the lender use the same appraiser for the refinance appraisal?
It is possible that the lender may use the same appraiser for the refinance appraisal, but it is not guaranteed.
5. What happens if the value of the property has decreased since the original appraisal?
If the value of the property has decreased since the original appraisal, it could affect your ability to refinance or the terms of the refinance.
6. Do I have to pay for a new appraisal for a refinance?
Yes, you will typically have to pay for a new appraisal for a refinance. The cost of the appraisal is usually included in the closing costs of the refinance.
7. Can I challenge the results of the new appraisal for a refinance?
Yes, you have the right to challenge the results of the new appraisal for a refinance if you believe there are errors or discrepancies in the report.
8. What if the appraisal comes in lower than expected for the refinance?
If the appraisal comes in lower than expected for the refinance, you may need to make up the difference in the form of a larger down payment or negotiate with the lender.
9. Can I request a rush appraisal for a refinance?
Yes, you can request a rush appraisal for a refinance, but it may come with an additional fee. Be sure to discuss this option with your lender.
10. Will the appraiser need access to the interior of the property for a refinance?
In most cases, the appraiser will need access to the interior of the property for a refinance appraisal to accurately assess its condition and value.
11. How long does it take to get the results of the new appraisal for a refinance?
The timeline for receiving the results of the new appraisal for a refinance can vary, but it is typically within a few weeks of the appraisal being conducted.
12. Can I use a recent appraisal from when I purchased the property for a refinance?
No, you cannot use a recent appraisal from when you purchased the property for a refinance. Lenders require a current appraisal to ensure the property’s current market value.