If you’re hoping to refinance the mortgage on your home, there’s one big roadblock between you and that lower rate: the home appraisal. If your appraisal is low, you might not be able to refinance at all, or you might be facing less-than-optimal loan terms, including potentially paying for private mortgage insurance. If your appraisal results in a higher assessment, you’ll quite likely have more loan options available to you — often with lower interest and better payments.
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