Refinancing your mortgage can be a drawn-out process, much longer than it used to be. Back in the day, it would wrap up in about 40 days, but now, with banks diving deep into your documents to verify your credibility, it can stretch even longer. This rigorous checking is a bit of a hassle but it does give me some peace of mind, knowing that it helps prevent another financial crisis.
When I decided to refinance my mortgage, the lender required appraisals from two different appraisers. The cost was steep—an extra $750—but thankfully, the bank covered it. The first appraiser came, did his measurements, asked a few questions about home improvements, and sent me his valuation, which was pretty middle-of-the-road.
However, with the market being volatile, and knowing others had their refinancing applications rejected due to unfavorable loan-to-value ratios, I was anxious. I really didn’t want to lose out on my chance to secure a mortgage refinance rate of 3.625%.
For the second appraisal, I was determined not to let anything stand in the way of securing a good valuation. I got proactive. When the appraiser, Jen, called to schedule a visit, I made sure to ask about her preferred timing and even rearranged my schedule to accommodate her Saturday morning slot.
On her arrival, I greeted her warmly and made sure she was comfortable, offering drinks and some of my favorite butter cookies. As she conducted her appraisal, I kept a respectful distance, only interacting to highlight improvements we’d made that could increase the home’s value. After she finished, we chatted about the housing market and shared a few laughs over past trends.
This approach seemed to work wonders. The second appraisal came in $75,000 higher than the first! This was a huge relief as it meant my refinancing was likely to go through without any hitches.
I’ve learned that being accommodating and making a good impression can significantly influence the appraisal process. It’s about making the appraiser feel respected and valued, and it turns out, a little kindness really does go a long way.
To others navigating the refinancing process, I’d suggest a couple of things: first, definitely shop around for the best mortgage rates; technology has made this easier than ever. Secondly, if you’re investing in real estate, consider leveraging platforms that allow you to invest in real estate across the country, which can diversify your investments and possibly increase your returns.
So, if you find yourself needing a home appraisal, remember that a little charm and hospitality might just make all the difference. It’s not just about getting a better deal—it’s about creating a positive interaction that benefits everyone involved.
