Do i need to appraise the house if is for refinance for lower interest rate?
Yes. On any house that you finance or retinance an appraisal is required. The appraised value will indicate how much the house is worth. You may can save roughly $50 -$60 a month – on Private Mortgage Insurance (PMI) – if you owe less than 80% of the appraised value. Also it may be better to try to sell a house if it is now worth less than you initially purchased it for. So in summary, you should always get an appraisal before you purchase or refinance a house. Lastly you may find the house is worth a lot more than you think.
