Helena Talbot’s blog – 7 Ways to Make the Most of Your Refinance

As interest rates are on the rise, many homeowners are looking to refinance now, before rates push further. While this may be a smart financial decision, it’s important to remember that a successful home refinance is contingent upon a favorable appraisal.

A worthwhile refinance all begins with the appraisal, used to set the maximum amount you’re allowed to borrow against your home. However, in today’s market, where we’ve seen price adjustments in many areas, home values have stabilized sometimes leading to inaccurately low appraisals.

Below are several steps to keep in mind when embarking upon an appraisal, many of which will improve your refinancing options and save you time and money:

  • Keep a close eye on fluctuations in the value of your home and the other homes in your neighborhood, paying careful attention to foreclosures in your area that may drive down the value of your home.
  • Choose your lender before committing to an appraisal as the lender will serve as the liaison between you and the appraisal company.
  • Appraisers use “comps” (comparable market sales) of local properties sold within the last six months to value your home. Make sure your lender, therefore, leverages their knowledge to research comps in your area before ordering the appraisal.
  • If using your own appraiser, do your due diligence and have your lender cross check your choice for any potential issues that may delay the process. A good loan officer will be able to confirm your appraiser’s credentials.
  • Request that your loan officer work with an experienced, local appraisal company. Local appraisers have a deeper knowledge of the surrounding neighborhood and will usually be more accessible to keep the refinance process moving along.
  • Make sure any major repairs are completed before moving forward with your appraisal and refinance. Structural damages will drive your home value down and can jeopardize the approval process for today’s popular government-backed FHA loans.
  • Rely on market value rather than tax assessments for a realistic appraisal value—in today’s market, tax value and current market value may differ widely, but your lender can only go by appraisal value.

Homeowners must feel comfortable with their lender who will serve as their partner in the refinance process, and should expect their lender to clearly explain the appraisal process and all the steps for refinancing up front.

I specialize in helping buyers and sellers invest in real estate in Loudoun County and Northern Virginia.

I have over 25 years experience in the real estate industry.  As a Broker/Owner with Exit Realty Talbot and Company, I bring special tools and solutions that enable me to exceed the expectations of my clientele.  If you are considering listing your property in Loudoun County or the nearby areas, ask me about our latest internet marketing systems.  I would appreciate the opportunity to earn your business.  I am experienced in listing and selling short sales.  For information on the short sale process, please visit  www.LoudounShortSaleSolutions.com.

For a free market analysis on the value of your home, please visit http://www.LoudounHomeValues.com

My past awards and designations include – 2003 President of the Dulles Association of Realtors, 2003 Dulles Area Assoc Realtor of the Year, Salesperson of the year 2000 Dulles Area Assoc of Realtors,  Top Producer awards from both the Dulles Area Association and the Northern Virginia Association of Realtors.  I am a member of the Top 5 in Real Estate Network.

I have lived in Loudoun County since 1979.  I am married with two grown children and two grandchildren.  My son in law is my business partner in real estate.  I love to jog in the mornings and spend time relaxing on my Trawler during the summer months.

Loudoun County and Northern Virginia Real Estate Sales and Solutions – Helena Talbot, Broker. I specialize in helping buyers and sellers invest in real estate in the Northern Virginia area to include Loudoun County and surrounding areas including Fairfax, Clarke, Fauquier, Prince William  Counties.  Our local neighborhoods includeLeesburgAshburn, Sterling, Potomac Falls, Brambleton, Broadlands, Lansdowne, River Creek, Belmont Country Club, Beacon Hill, Shenstone, Waterford, Lovettsville, Purcellville, Hamilton, Round Hill and Bluemont.                        Cell 703.727.9885    Office 703.574.3800

Free iPhone/Android Mobile App to search Northern Virginia real estate.  2 easy ways to get the App:  Text “Exit9” to 87778 or enter http://87778.mobi/Exit9 into your browser.

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