When refinancing your mortgage, the lender will order an appraisal to determine if your property has enough value to secure the new loan that you’re about to take. Just like homebuying, an appraisal is one of the most crucial steps when refinancing.
Veterans who plan to buy a home using their VA Home Loan benefit have to undergo several steps where they need to settle several upfront fees before they can start moving into their dream home. Appraisal is on top of the list of fees that Veterans need to pay upfront, and it’s a process that every Veteran should undergo before underwriters decide their fate. The VA requires a home appraisal to ensure that Veterans and their families get a quality home.