do you need an appraisal to refinance

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FHA Appraisals Establish the Current Market Value of the Property The REAL answer to the question of why borrowers need a new appraisal to refinance has much to do with establishing the fair market value of the property at the time the application is being considered.

How Much Equity Do I Need to Refinance? | TransUnion – Home refinancing is often a good way to reduce your mortgage payments or leverage the value of your home to pay off debts. Your home equity is the key to refinancing – both the amount you can refinance and what kind of interest rates you may be offered.

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Planning to refinance your mortgage? Appraisal values can make or break a refinance application.. 4 Ways to Strengthen Your Home’s Refinance Appraisal Value.. but you can do low-cost.

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When you are refinancing an existing FHA or VA loan with another FHA or VA loan you will qualify for a streamline refinance and avoid the need for a new appraisal. Both of these streamline refinance programs also offer less documentation and paperwork when compared to a regular refinance.

Home Refinance Appraisal Tips | Maximize Your Appraisal. – Appraisal values are determined largely by the age and condition of your home, any improvements that were made since the last appraisal, and the sale price of nearby homes that are comparable to the one being refinanced. The appraisal process is largely out of your hands, but the following are some things you can do that may help you out.

What happens during a home appraisal How Much Equity Do I Need to Refinance? | TransUnion – Interest rates are competitive, but not as flexible, and the maximum loan amount can vary by county. If you are eligible, you may be able to refinance as much as 85 or 95 percent of your home’s value. Equity and Appraisals Before determining whether or not you’re eligible for refinancing, the lender will need an appraisal of the property’s value.

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Is now the time to refinance your mortgage? – That means now is the time to dig out your mortgage. points" do not carry this cost, but the interest rate may be higher. Now, calculate how long it will take to recover your refinancing costs..

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