Thinking about refinancing? Before you do, put some time and effort — and some money too — into sprucing up.
For anyone selling a home, sprucing up is a no-brainer. Repairs, upgrades, painting and landscaping can raise the sales price. But homeowners who are staying put and refinancing often don’t bother with these improvements. If you’re not looking for a buyer and have years to get around to these things, why bother?
Because the home’s condition will be reflected in the lender’s appraisal, which will determine whether you get the new mortgage and how large it can be.