I bought my home through a VA loan; If I'm to refinance my home which is priced lower than I originally paid for it, do I need to come out of
Hi Sam,
Keep in mind that you will have to come to the table with closing costs.
All the best,
Ros
Roswell Moore, CMPS
Certified Mortgage Planner
(480) 422-5095 Direct
Sam,
If you refinance with cash out then yes you would need an appraisal and ultimately you would have to come up with the difference. BUT if you do a VA streamline without any cash out only a rate reduction an appraisal is not needed there for you would be able to lower your rate and your payment. If you are not working with someone or are not satisfied with the service give me a call and we can walk through this together.
Tony
602-684-0866
You need to call your lender and ask about a VA Interest Rate Reduction Loan (IRRL). You should be able to qualify easilly and it should be exempt from an appraisal requirement.
Luke Allison
Bank of America Home Loans
828-777-8828
luke.allison@bankofamerica.com
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