How Much Is Your Home Worth Today?
What’s your home worth today? That’s a key question if you’re looking to refinance your mortgage or take out a home equity loan.
The problem is, most homeowners really don’t know.
They’re aware that their home has almost certainly lost value since the peak of the market in 2005, but just how much? Do they have enough home equity to be able to qualify for a refinance or obtain a home equity loan or line of credit?
Of course, when you apply for a refinance or home equity loan, the lender will order an appraisal to determine what the home is worth. But that costs money, of course – typically several hundred dollars – and most homeowners would like to have a good idea of whether or not they can qualify before applying for a new loan.
