The Prentious Blogs

The deep drop in home mortgage refinance rates caused an avalanche of homeowners to fill out applications and begin the financing process.  Unfortunately for many, getting pre-approved for their new home loan does not mean that the deal will reach the closing table.

The number one reason why?  Appraisals.  Home values have dropped by significant amounts over the past year, and unless the lender and client have a good idea of current market value before they dive in, a great home mortgage refinance loan can turn south in a hurry if an appraisal comes back lighter than the value used to pre-qualify the proposed new home mortgage.