When you refinance your home, one of the things you will be requested to do is to get an appraisal of your property in order to know the actual price of your property.
Once the appraisal is done, the lender will be able to calculate the amount of money you will allowed to get.
The appraisal and underwriting process is a lot more complex than it may seem at first. There are different appraisals for commercial or residential properties, each with their own set of guidelines to follow. It’s important to understand the differences in each type of property appraisals so you don’t get confused when receiving an estimate from your appraiser.