There is news today that prices of home being sold has dropped! This is true and it affects your homes value. The appraisal process is designed to use an independent 3rd party to determine the value of your home in today's market by comparing it to closed home sales in your area. If everything is selling for less then your home's value has declined.
Does this mean it is a bad time to refinance? No it it does not if you have sufficient equity for your loan to be underwritten and closed. If you bought last year with 100% financing chances are you may not have the equity to refinance, but maybe you bought a home that was distressed or from a bank, then you have equity. Or perhaps you have put on an addition increasing your square footage which will increase your value. These scenarios are very typical. For more information contact us via our website at http://www.new-hampshire-home-mortgage.com
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