How do I estimate my home's value before refinancing?
Start with a comparative market analysis from your agent, which compares your home to recent sales in your neighborhood. You can also check online valuation tools for a rough estimate. The lender will order a formal appraisal during the refinancing process, which is the final word on value. Preparing your home for the appraisal by cleaning and making minor repairs can help ensure a favorable result.
Why It Matters
Your home's value determines how much equity you have and whether you qualify for refinancing with better terms. An accurate estimate prevents wasted application fees.
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