Finance
A Connecticut homeowner applies for a mortgage refinance. The lender requires a new appraisal primarily to:
ADetermine the homeowner's credit score
BEstablish current market value to calculate the new LTV and ensure adequate collateral✓ Correct
CVerify the homeowner's income
DConfirm the property's zoning classification
Explanation
A refinance appraisal establishes the current market value of the property, which the lender uses to determine the LTV of the new loan and whether adequate collateral exists to support the refinance.
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