Do I need an appraisal to refinance?

Often yes. Conventional and cash-out refinances typically require an appraisal. FHA streamline and VA IRRRL usually do not.

What is an appraisal waiver?

Some lenders offer appraisal waivers for rate-and-term refinances when the loan meets certain criteria (e.g., LTV, payment history). You may not need a new appraisal.

Who orders the appraisal?

The lender orders it through an appraisal management company. You typically pay the fee upfront or at closing.

What if the appraisal comes in low?

A low appraisal can affect your LTV and may limit how much you can refinance or cash out. You may need to bring more to closing or adjust the loan amount.

Refinance Appraisal Requirements

Disclaimer: This website provides general mortgage and financial information for educational purposes only. It does not constitute financial, legal, or mortgage advice. Housentia is not a licensed mortgage broker, lender, or loan originator.

This content is provided for general educational purposes only and does not constitute financial, legal, or mortgage advice.

Introduction

Refinance appraisal requirements vary by loan type. Conventional and cash-out typically require an appraisal; streamline programs often do not. Appraisal waivers may be available. See What Is an Appraisal Fee, Streamline Refinance Explained, and Refinance After Home Value Increase.

Frequently Asked Questions

Do I need an appraisal to refinance?: Often yes. Conventional and cash-out refinances typically require an appraisal. FHA streamline and VA IRRRL usually do not.
What is an appraisal waiver?: Some lenders offer appraisal waivers for rate-and-term refinances when the loan meets certain criteria (e.g., LTV, payment history). You may not need a new appraisal.
Who orders the appraisal?: The lender orders it through an appraisal management company. You typically pay the fee upfront or at closing.
What if the appraisal comes in low?: A low appraisal can affect your LTV and may limit how much you can refinance or cash out. You may need to bring more to closing or adjust the loan amount.

Educational Disclaimer

This content is provided for general educational purposes only and does not constitute financial, legal, or mortgage advice.

Housentia is not a lender, mortgage broker, or loan originator.

Appraisal requirements vary by lender and program.