Hi All - my husband and I were recently approved for a refinance of our second mortgage (our goal is to pay off some debt). When they requested an appraiser for our home, the appraisal came in 20K lower than it appraised for in 2005. On top of that, the amount per sq.foot the appraiser put down as our home being worth, the price per sq ft came in lower than when we purchased the home - since we have purchased the home, we have done a full remodel on our kitchen and bath.

Can the low market have that great of an affect on our home value? Did we just end up getting a low-balling appraiser?

Any advice? Thank you!