No Appraisal Refinance Loans
The short answer is yes – there are a number of loan programs available that will allow you to refinance your mortgage without requiring an appraisal. But it may be worth asking yourself why you want to avoid an appraisal in the first place. There are a number of reasons why you may think it’s preferable to avoid an appraisal.
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A no-closing cost refinance can also make sense for people who need to do renovations on their home but don’t have the cash to do them. You may get a better deal by taking the slightly higher interest rate (or adding on to your loan balance, which would also mean you have higher interest payments each month) on the refinance loan than you would on taking out a home equity loan .
Refinancing with no appraisal is achieved by amortizing points and other loan fees into the mortgage itself. This allows the cost of the appraisal to be spread out over the life of the new loan. This method means the borrower can save money on refinancing and the lender gets to enjoy the slow trickle of extra money in each monthly payment coming in, with interest.
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Do you need a home appraisal to refinance your mortgage? Not necessarily. Here’s what you need to know about conforming, USDA, FHA and VA refinances without an appraisal.
VA no-appraisal streamline refinance Veterans and family members with VA loans aren’t required to get an appraisal or go through credit underwriting to apply for a VA Interest Rate Reduction.
For loans that qualify under HARP, most, but not all borrower will get an appraisal waiver. If your refinance does not qualify under HARP, but you have sufficient equity based upon the current probable market value, and you are looking at a no cash out scenario, an appraisal waiver may be offered in the Automated Approval.
No appraisal means you can close your home loan faster, and you will save hundreds of dollars by not having to pay an appraiser to inspect your home. Fannie Mae and Freddie Mac conventional automated underwriting systems will waive the appraisal requirement if your loan can meet these guidelines.