When looking to refinance, many borrowers ask the question, "How much is my home worth?" The most accurate way to determine the value is to get a professional appraisal done on your home.
To get an accurate appraised value, an appraiser will use several methods. The most common way is the sales comparison approach. The appraiser will look for similar properties that have sold in your area within the past 1 year (typically). Adjustments will be made, depending on what your house has or doesnt have compared to the other houses.There are many online automated home valuation programs out there that can provide you with an idea as to how much money your home may be worth at that time. Most of these services charge a small fee, yet there are some that remain free to use. This is not a guaranteed value of what your home is worth, but a simple estimate of your home's value. The only way to determine a more accurate value of your home is to have an appraisal done by a licensed appraiser. Consult your mortgage professional to find a quality appraiser near you or to find an automated online valuation system. |
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