Home Mortgage Refinance Gets Appraisal Shock
by Marie from Georgia, USA
Ask Kate: Home Mortgage Refinance Gets Appraisal Shock Dear Kate, We recently refinanced our home that we have lived in for 2.5 years now. There were really no surprise with the process itself. We were able to obtain a fixed rate mortgage at a much lower rate than what we obtained two years ago.
In fact our mortgage interest rate went down over a percentage point.
The refinance was seamless and without any problems. We were only shocked when we were told the new value of our home. We did expect the appraised value to go up, however not by as much as it did with the given market.
Our home's value went up over $100,000 in 2.5 years!
Granted we have done some things to it, added a new deck and finished the basement. Square footage was added with the basement and value was added in the deck, with a total cost to us of about $30,000.
But still, that is an increased value to us of $70,000. We are excited to know that our house had gained so much value in this market. Marie
Kate Answers: Home Mortgage Refinance Gets Appraisal Shock
Hi Marie, Wow! Mortgage rate down and real estate value up! This calls for confetti!
Congratulations on your seamless home mortgage refinance process. I too am shocked (the good kind of shock) over your appraised value increasing by $100,000.
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