• Tips to help homeowners with refinance appraisals.the cost of housing image by Pix by Marti from Fotolia.com
  
  Currently, many homeowners are motivated by historically low mortgage rates to refinance their homes. Since home loans are usually financed over 15 or 30 years, a lower interest rate can produce significant savings. A current appraisal is part of the requirements for a new mortgage. Homeowners can improve their chances for an accurate and positive appraisal by following these tips.
  
  

Increase Curb Appeal

• Curb appeal is the first impression a home projects. Appraisers evaluate the condition of both the interior and exterior of a home. All landscaping should be in pristine form with the lawn mowed, flowers weeded and bushes trimmed. The house should be nicely painted and windows washed. Exterior items such as house numbers or mailboxes should be updated if they are in poor condition. Repair work and problem areas visible before an appraiser even enters the house decrease the chances for a quality rating.
  
  

Make Repairs and Keep Records

• Homeowners should also make sure the inside of the house is in good shape. Items such as leaky faucets, chipping paint or missing trim are clear signals that the house has not been maintained properly. Mortgage professionals recommend that homeowners keep a comprehensive record of all improvements and completed repairs. It is acceptable to provide this report to the appraiser, but a homeowner should never pressure an appraiser to overvalue the property.
  
  

Make Sure Both the Appraiser and Borrower are Qualified

• Homeowners should make sure that their appraiser is certified and knowledgeable about the local housing market. To help determine value, an appraiser compares the house being evaluated with those sold in the last six months. These comparisons (comps) along with factors such as square footage, quality and location are used to establish a current home value for the refinance. Since homeowners usually pay for the appraisal, mortgage lenders recommend that borrowers make sure they have the income level and credit scores to qualify for the refinance before hiring the appraiser.