Appraisals for lending purposes can have a major effect on you whether you’re purchasing or refinancing a home. When buying a home, the mortgage appraisal indicates whether you are paying a fair price, getting a “deal,” or possibly paying over fair market value. Successfully refinancing a home, particularly if it’s a cash-out refi, depends on the fair market value (FMV) as determined by the appraisal. If your appraisal comes in lower than expected you may face some critical decisions as a result.  
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