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Refinance Mortgage Loans

Property value is important when securing refinance mortgage loans. A refinance loan, like a regular mortgage loan, is secured by real property. As such, the value of the property is critical in determining eligibility for a loan and the amount of money a lender can offer to a borrower.

For mortgage refinance loans, property value can be assessed in a variety of ways. One way is according to market value. Market value is the amount a buyer could be expected to pay for the home, in conjunction with the selling prices of comparable properties in the area. By contrast, the appraised value of a home is the amount that a trained, licensed appraisal professional deems the property to be worth. In appraising a home, such things as a home inspection, analysis of the home and the surrounding area, and comparable property prices are all considered.

More on Property Values and Refinance Mortgage Loans
The replacement value of a property is somewhat different. It is the estimated amount an appraiser believes it would cost to build a similarly sized and constructed house on a vacant lot. This cost is reduced, by an appraiser, to account for factors such as depreciation and the gradual decline of the property's physical condition.

To learn more about mortgage refinance loans and obtain rate quotes from leading loan providers, use our free service at 4MortgageRateQuotes.com. We've helped borrowers from all over the country obtain quotes from the best lenders. We are eager to help you too--for free! Submit your online quote request now and start comparing loans!

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