A no cost refinance is essentially a loan transaction in which the lender or broker pays settlement costs. This includes typical lender fees such as processing and underwriting fees, the appraisal fee, and loan origination fees, along with third party costs like title/escrow fees and so on.
Freddie Mac Refinance Programs Refinance Mortgages Topic "No Cash-out" Cash-out Special Purpose Cash-out Seasoning No requirement At least one Borrower must have been on title to the subject property for at least six months prior to the Note Date of the cash-out refinance Mortgage. If none of the Borrowers have been on the
· I had an refi appraisal 1 year ago at $378,000 and a house down the street just closed for $420,000 (same model, 900 SF more). Just received contract for $360k, but buyer agent is not considering $420k house because it was not an arms length sale (all cash no appraisal).
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And you must have made at least six payments on your existing FHA loan. Note: If you choose to roll closing costs into the new loan, an appraisal is required. And if you want to streamline refinance an FHA loan tied to an investment property, it must be done so without an appraisal.. No Appraisal Needed for VA IRRRL
You can refinance your home without an appraisal by getting a FHA Streamline Loan. These loans are insured by the Federal Housing Authority (FHA) and can only be provided by FHA-approved lenders. You must first check to see if you satisfy the requirements for such a loan and locate a qualified lender.
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Homeowners typically choose no appraisal refinancing if they may become ineligible to refinance after an appraisal – this could be the case of a homeowner’s property value in underwater. There are, however, other caveats that make a no appraisal refi attractive. appraisals show your home’s current market value (Photo/Pixabay)
No-appraisal refinancing means that a lender does not require an independent assessment of a home’s value to extend a new mortgage on it.
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Plus, when you use Loan Product Advisor® automated underwriting technology to evaluate no cash-out refinance mortgages, you’ll approve more borrowers and streamline your process with less documentation. eliminate mortgage insurance when the new appraisal or inspection report supports a higher value to calculate the new LTV ratio.