What are the most common things a home inspector looks for when it comes to refinancing a home?

Colene
owned home about a year/need to refinance to remove $200 month PMI/need house to appraise for approx. $20k more than original purchase price. Told when we bought the place we should be able to refinance in 6 to 12 months to remove the PMI. Have not really done much improvement to it yet-mostly due to high pmi-live in very nice neighborhood where homes typically sell for $120k-we payed $85k for ours and need it to appraise for around $105k to $110k (original appraisal at purchase was $90k).

Gema
Both previous replies were on target as the differnce between the banks appraiser and a home inspector. BUT having the home inspectors report to hand to said appraiser can settle once and for all the added value without the need to rely on the appraisers good mood. A home Inspection runs about $150.00 typically and the report covers nearly every aspect of your home (Energy efficiency inspection, another path to lowering the mortgage payment) and can also give you a formal "work scope" so you can plan ahead for future upgrades.On the other hand, a home inspection/energy inspection combination gives you the best of both worlds, not only looking at the same issues but seeing them with an eye to reducing your overall operating costs. In alot of cases the recomendations in the workscope will be nearly identical with attention given to specific applications and or products.As another caveat for this route, Special financing, matching grants and tax relief are available based solely on the energy consultants recomendations (and follow through testing to assure targeted measures are installed/performing as recomended). HERS ratings are available now to certify your improvements and building are now "Energy Star Rated" adding resale value that is recognised by lending institutions and appraisers alike.

Bertie
Generally it is an appraiser, not a home inspector who assigns value. An inspector looks at structures and operation of electrical, mechanical, plumbing, etc.When the appraiser shows up mention that you are refinancing and need an appraisal at around ...whatever, ...they will often follow that unless they determine some problem.If it is in generally good condition and the area market is in the 120k area, an appraiser will consider that. They look at square footage of living area, condition to a small extent, facilities, improvements, etc. and are mostly looking at the value. Appraisers don't check functionality.

Guillermo
The finance company is going to send out an appraiser, not an inspector. The appraiser will use comps from other homes that have sold in the last few months along with what he sees in your house. If the homes are selling for $120k then most likely that is the ball park he will come in at. The other persons advice about telling the appraiser what you are doing and how much you need worked for me in the past.