Thread: refi ammo?
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John A. Weeks III
 
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Default refi ammo?

In article .com,
wrote:

Next month I'm going to do a refi. I have just remodeled a room into a
kitchen extension (small eating area where there was none to begin
with) and a closed-in bedroom. I think this has added value to my
place.

I'd like some advice about how to present this if at all to a bank.


You present it to the bank in a format called an "appraisal".
You can hire your own appraiser, but the bank will likely
want to use one from their own list. But in general, unless
you have finished off unfinished square footage, the fit and
finish isn't going to matter much. The appraisal usually
compares similar houses, or uses a formula based on so much
per square foot of finished space.

-john-

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