Переоценка недвижимости при рефинансировании: что проверяют эксперты и как исправить заниженную стоимость

If you’re looking to refinance your home loan, you may need to prepare for a home appraisal before closing. Your home value can change over time, so a lender may want a current assessment of your property’s value before approving a mortgage refinance. Let’s take a look at what exactly appraisers are looking for, how you can prepare, and what to do if your appraisal comes in lower than you expected. What do appraisers look at? When an appraiser swings by your home for an assessment, they’ll check its condition, take measurements, and photograph the property. They’ll then prepare a written report estimating your home’s value, based largely on recent sales of nearby properties with a similar size, age, and condition. Those comparable sales are a huge factor in the value the appraiser assigns your home. An appraiser will also consider the local market and whether prices are rising or falling. A refinance appraisal typically costs between $300 and $1,000. Depending on the geographic region, median costs range from $450 to $700. Appraisals generally aren’t refundable, so you’ll pay the fee even if your refinance doesn’t close. It’s worth noting that an appraisal for a purchase works a little differently from an appraisal for a home refi. Purchase appraisals give the appraiser a signed contract price to consider, while refinances don’t have an agreed-upon sale price. In either case, the appraiser uses recent sales of comparable properties to estimate the home’s value. Understanding appraisal waivers Fannie Mae offers an appraisal waiver program called “Value Acceptance.” If you qualify, your lender can skip the appraisal and use alternate data (recent sale prices, public property records, local market data, etc.) to confirm the value of your home. Freddie Mac also offers similar waivers. Applying for a waiver isn’t something you need to do yourself. The lender will run your loan through its underwriting system after you apply and let you know if you qualify. Just note that a lender can still require a full appraisal, even if a waiver is available. What makes you more likely to qualify for a waiver? In general, lower-risk refinances are more likely to qualify for a waiver, particularly when plenty of data is available about the property and local market. Still, you won’t know for sure if you qualify until the lender runs your loan through its underwriting system. Other factors that can determine whether you qualify for a waiver are your property and loan type. Conventional rate-and-term and cash-out refis sometimes offer waivers, while an FHA cash-out requires an appraisal. Appraisal requirements by loan type Here’s a quick look at multiple loan types and their appraisal requirements. What hurts a home appraisal? A refi appraisal is different from a home inspection. Appraisers aren’t on the hunt for every possible repair. Instead, they’re simply determining what your home is worth in its current condition. That said, any visible condition problems can lower your property value. With FHA and VA loans, the lender may require repairs before the loan closes. Conditions that reduce your appraised value (all loan types) When you’ve been putting off repairs and general upkeep over time, appraisers refer to it as “deferred maintenance.” Things like a failing roof, foundation cracks, rotting wood, etc. can result in the appraiser adjusting the value of your home downward—to reflect repairs any would-be buyer should expect to pay for. You may also find yourself with a lower appraisal than expected if you’ve made improvements to your home without permits. The local housing market ultimately dictates the ceiling for your home. Even if everything is in great condition, the appraiser may assign a lower value if recent comparable sales indicate declining home prices. Conditions that can stop an FHA or VA refinance from closing When refinancing an FHA loan, the appraiser must flag health and safety issues. The lender can’t close until the issues are corrected. For certain repairs that don’t make the home unsafe or unlivable, the lender may let you set aside money in an escrow account and complete the work after closing. In other words, a flag from the appraiser can delay closing. VA loans have similar rules, with the appraiser checking for things like adequate heating capacity, evidence of termite damage, functional plumbing and electrical, and structural soundness. Similar to an FHA refi, any flagged issues must be resolved, though the lender may hold funds in escrow and allow you to complete certain repairs after closing. How to prepare for your appraisal An appraiser won’t assess your home’s value based on how beautifully you’ve staged the rooms. Again, they’re focused on the features, condition, and recent nearby sales of comparable properties. But that doesn’t mean that there’s nothing you can do to prepare for the arrival of an appraiser. Make a list of improvements you’ve made to your home since you’ve owned it (think bathroom remodels, HVAC replacements, a new roof, etc.), along with the cost and date you completed each project. Give this list to the appraiser for their consideration. If there are obvious repairs that you’ve been putting off, do your best to complete those before the appraisal. You should also make sure the appraiser can get to every room in the house—including the attic, basement, and garage. Inaccessible areas won’t do you any favors. What to do if your appraisal comes in low If your house appraises lower than expected, your lender won’t necessarily deny your refinance. It will change the math, though, depending on the reason for the low appraisal. Step 1: Review the report for factual errors When a low appraisal catches you off-guard, you should first read the full report and look for factual errors. As an example, if a report lists less square footage than your home has, or if it miscounts the bedrooms, this could significantly affect its appraised value. Appraisers aren’t infallible. If you do find a discrepancy, you can’t contact the appraiser directly. Instead, ask your lender about a Reconsideration of Value (ROV). This is a formal request asking the appraiser to review possible errors or take another look at recent sales of comparable properties. Step 2: Bring cash to close the gap If your home appraises below the value you need to hit your target loan-to-value ratio (LTV), you may be able to bring cash to closing to pay down your existing mortgage balance and reduce the amount you need to refinance. It’s not ideal, but the approach may still be worth considering to get the loan approved. Step 3: Restructure the loan If you’re applying for a cash-out refinance to consolidate debt or for another reason, a lower appraised value may reduce how much cash you can borrow. It may also raise your LTV, potentially resulting in a higher interest rate. You may be able to adjust the loan rather than walk away from the refinance entirely. That might mean taking out less cash or accepting a less favorable rate stemming from a higher LTV. Step 4: Request a second appraisal or switch lenders Some lenders may request a second appraisal if the first one appears to be flawed. It’s worth asking whether that’s an option before assuming a low appraised value is final. You may even consider applying with another lender, as that may result in a new appraisal. Step 5: Wait When your house receives a low appraisal due to a temporary market slowdown—or even seasonal weakness in comparable sales—one option is to wait and reapply later. A later appraisal may come in higher even if you haven’t improved the property, though there’s no guarantee. How long does a refinance take after the appraisal? The time it takes to close on a refinance after the appraisal varies by lender and loan. The appraisal can take up to two weeks to complete, depending on the appraiser’s availability and the complexity of your home. After the appraiser submits the report to the lender, your refi will move into the underwriting stage. The lender will review it along with your income, credit profile, assets, and more. At this point, the lender will send a Closing Disclosure detailing your loan terms, payment, and closing costs. Under federal law, the lender must send it at least three business days before closing. If the refinance is secured by your primary residence, you’ll also generally have a three-business-day right of rescission after signing—a cancellation period that gives you time to change your mind. Beyond that, the timeline may stretch out if an appraiser or lender is extra busy. Other factors, such as you challenging an appraisal or completing required repairs before closing, can also extend the overall refinance timeline. A home appraisal is just one piece of the overall refinance timeline. If you’re weighing whether now is the right time to pull the trigger, see our guide on how soon you can refinance after closing on your current loan. The takeaway If you’re refinancing your home loan, expect an appraisal. It’s not always necessary (those with a conventional loan, for example, may ask whether the refi qualifies for an appraisal waiver), but it’s typical. If you need an appraisal, make a list of your upgrades and repairs and hand it to the appraiser on arrival. They’ll consider those details, as well as recent nearby sales of comparable properties and your home’s overall condition when assigning a value to your property. If the home value is lower than you expected, review the appraisal report for mistakes. You can also ask your lender about a Reconsideration of Value (ROV), which prompts the appraiser to review any factual errors or overlooked comparable sales. Frequently asked questions Can you refinance a mortgage without an appraisal? You can refinance some mortgages without an appraisal, but many require it. FHA and VA cash-out refinances require appraisals, while jumbo refinance requirements vary by lender. Appraisals allow lenders to verify the current value of the home and confirm the amount of equity you have. How much does a refinance appraisal cost? Expect to pay between $300 and $1,000 for your home appraisal. How long does a refinance appraisal take? The appraiser’s on-site visit generally takes one to two hours, but the full appraisal process can take up to two weeks. How long is a refinance appraisal valid for? You as the borrower will typically pay for the appraisal when refinancing your home. Who pays for the appraisal on a refinance? You as the borrower will typically pay for the appraisal when refinancing your home. How long is a refinance appraisal valid for? Most lenders accept appraisals for around 90 to 120 days after completion. Requirements vary by loan type and lender, however, so be sure to ask your lender.