Key takeaways Refinancing your current mortgage typically requires a new appraisal of the home. The refinance appraisal helps the bank determine the home’s current value, so they can define the parameters of the loan they’re willing to extend. Appraisers will consider most of the same criteria they did in your home’s initial appraisal, including its size, condition and location. When refinancing your mortgage, your lender will likely have a professional appraise your home to determine its value. A ...