Can I Refinance Without An Appraisal
Skip the Appraisal With a Streamline Refinance. If your current loan is backed by the Federal Housing Administration or the Department of Veterans Affairs, then you can refinance to another FHA or VA product with no appraisal. Streamline refinancing allows you to switch to a lower rate or different term with no appraisal,
· If a refinance appraisal was done recently it can give you a reliable value estimate to use in marketing your home, however keep in mind that a new appraisal conducted after you get a contract will also take into consideration all sales that occur between the effective date of the refinance appraisal and the contract date. If you have any thoughts on this topic please leave a comment below and I’ll be.
Refinance: If your home value has increased enough, the new lender won’t require mortgage insurance. Get a new appraisal: Some lenders will consider a new appraisal instead of the original sales.
Conventional Streamline Refinance A common question is whether a conventional streamline refinance program is available. Although technically there are no conventional streamline refinance programs, the HARP program comes close: most HARP loans do not require an appraisal, and most lenders request very little income documentation.
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· Yes you should be able to I went to refinance my house 2-3 months ago and they said there was no problem when I didnt want an appraisal and I could lock in a low 5.8% intrest rate you just have to make banks compete for you. You should try to apply with eloan, they will do.
If you can get a mortgage refinance without an appraisal at a competitive rate, you should! Most people who refinance with conventional lenders will need to order a new appraisal. This is often fine, but it can become a problem if home prices are declining in a down market. In that case, many people cannot refinance, cannot save on their monthly payments, and could be in danger of losing their homes.
With a VA streamline refinance (IRRRL), you can lower your VA home loan interest rate and monthly payment without an appraisal, pay stubs or bank.
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