Mortgage, PMI & ROV
Refinance Appraisal Guide
A current, independent opinion of value is central to most refinance decisions — here's how it fits into the process.
Whatever your reason for refinancing, a current appraisal is often the piece that determines whether — and on what terms — your lender can move forward.
Where the Appraisal Fits In
Application
Your lender orders the appraisal as part of underwriting your refinance — the same independent process used in a purchase transaction.
Inspection & Analysis
The appraiser inspects the property and analyzes comparable sales to develop a current, independent opinion of market value as of today's date.
Underwriting Review
Your lender uses the resulting value, alongside your loan balance and program guidelines, to determine your loan-to-value ratio and confirm loan terms.
Common Reasons Homeowners Refinance
Getting Ready
Documenting improvements since you purchased or last refinanced, and addressing any significant deferred maintenance, are the same general preparation steps useful for any appraisal — see our related homeowner guides for the specifics.
What This Does Not Mean
This isn't lending advice, and it doesn't predict what your specific appraisal will show or whether your refinance will be approved — those depend on your lender's underwriting and current market conditions.
Frequently Asked Questions
Provided for general educational purposes. Last reviewed: August 2026.