Can I Refinance Without An Appraisal?



With the turmoil in the real estate and mortgage markets, some borrowers have found it difficult to have their property appraised high enough to qualify for a loan. There are some "conforming" loans (those issued by Fannie Mae, Freddie Mac, or Ginnie Mae) that allows the borrower to get as much as 97% of the appraised value of the property in a new mortgage. But what about a refinance?

Try Your Current Lender

If you have a good record of making on-time payments and your credit score is still good, the company servicing your current mortgage may have programs that will eliminate the need for a new appraisal. If you have a Ginnie Mae loan (FHA or VA) they have a program called a Streamline Refinance. The paperwork and mortgage refinance fees are very minimal and can usually be done quickly by any lender approved by Ginnie Mae. Fannie Mae also has a Streamline Refinance program--any approved lender can help you with this.





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