What do Appraisers look for when Refinancing Your Home in Columbus? A home appraisal is usually required when you want to refinance your current mortgage. However, that isn’t always the case. Appraisals are professional assessments of the value of your home that lenders use so you cannot borrow more than what your home is worth. Despite the fact that the lender typically orders the appraisal, the person who wants to refinance their mortgage is who pays for it. What does an Appraiser usually look for? The appraiser’s job is to evaluate what your home is worth and provide the lender with that information. Since your home is the collateral on the loan, the lender will sell it if you default and the home goes into foreclosure. Consequently, if the value of the home isn’t worth enough, they can’t recover their losses. Appraisers take several external and internal factors into consideration including: • condition of the home • square footage • upgrades that have been made • value of similar homes in your neighborhood that have recently sold If by some chance, the appraisal is lower than what you were hoping to borrow you can ask for another appraisal, cancel the transaction, or pay the difference between the appraised value and the amount of the loan. Liberty Capital Services LLC 438 E Wilson Bridge Rd #106, Columbus, OH 43085 614-505-0620 https://maps.google.com/?cid=14294939209836226766