Almost everyone who does a mortgage refinance in Utah must submit an appraisal with their loan application, and one of the first things that all borrowers think about when starting the refinance process is getting their home ready for the appraiser to come over.
This is because if your home’s equity is lower than 20% then you’ll have to pay private mortgage insurance or you’ll be at risk for a higher interest rate. And worse case scenario, you won’t be able to refinance your mortgage in Utah at all.
How To Prepare For An Appraisal To Refinance Your Mortgage in Utah
Now that you understand the importance of the appraisal process when refinancing your mortgage in Utah as mentioned above, it’s also important for you to know what steps you can take to improve your chances of getting a higher valuation on your home. Here a few things you can do to increase your chances of getting a higher appraisal:
- Repaint. Repainting old or outdated paint colors to reflect current interior design trends can go a long way when you want to improve your home’s value.
- Make sure your home is clean. Hire a professional cleaner to come in and organize any clutter and spot clean your oven.
- Hidden features can help get a higher appraisal. Make sure your appraiser is aware of these.
- Write down a list of upgrades you’ve done on the home since you purchased it. If you’ve added a bar, or added an addition to your home, these all can increase your home’s value. The more rooms the better.
- Patch up any cracked concrete, or do some landscaping. Your appraiser will look at the exterior and interior condition of your home and a landscaped yard will always get a higher valuation.
- If you added a porch, deck or another garage, point these out. The more amenities the better. Just make sure the pool is clean.
- New windows, kitchen appliances, or tiled baths can also increase your appraisal.
- Hide unappealing features. If you decided to do something that was different than what the rest of the neighborhood did, maybe consider changing it for your valuation.
- Refinish your basement. This could make or break whether or not you have to pay PMI. A finished basement adds a substantial value to any home.
Who Performs The Appraisal When Refinancing Your Mortgage In Utah?
In most finance transactions federal regulations require that your lender order the appraisal on your behalf. After the last housing market collapse one of the major regulatory changes that was implemented was the process by which appraisals are ordered for mortgage transactions. In an effort to maintain separation between the appraiser and all of the parties with an interest in the transaction, federal regulations require that your lender use a “blind ordering” process.
Want To Refinance Your Mortgage In Utah? Get A Professional Appraisal.
If you are planning on refinancing your mortgage and need an appraisal in Utah, this is a situation in which we recommend speaking with your lender before seeking an appraisal on your own. Please check out our list of recommended mortgage lenders!
In the occasional circumstance in which you are permitted to select your own appraiser when refinancing your mortgage in Utah, we would be very happy to help you with your request. Please contact us anytime so we can help you save time and money on the appraisal portion of your mortgage refinance.
