What exactly do home appraisers look for when doing an appraisal for a mortgage refinance?
We live in Ontario! We need an appraisal to re-finance our mortgage, and are unsure of what they look at on the property and what they base the value of the house on. Any tips would be appreciated! A: They are not likely to actually look at your house. If you made a lot of improvements since it was last appraised you need to let them know. They take home sales within 1/4 mile (sometimes more, because they need at least 6 sales) done within the last 4 months, average them per square foot and then multiply that number by your square footage. The same is done for the lot, it is valued per foot, not your personal landscaping.
