The answer to that question depends on the situation and what you're trying to do. There are streamline products available through your current lender that will allow you to, basically, refinance your mortgage by signing a bunch of papers.

There are also new programs out through Fannie Mae, Freddie Mac that will allow for a higher LTV than usual (up to 105%). If your current balance isn't too close to the appraised value from last year, they might not even require a new appraisal.

Most times, however, an appraisal is done everytime you refinance. But, there are programs out right now that are relaxing on these requirements.

If you need any help with a refinance, let me know. I can walk you through the process and place your loan.

Kellen Gracey
Mortgage Specialist
BayBurg Financial
(386)237-7231 Cell
(954)764-7064 Office (Ext. 214)
(866)230-8050 Toll Free (Ext. 214)

Kate,
Try refinancing with your current lender first. If you're just refinacing the current principle and not taking any money out, they may use other valuation methods other than an appraisal. Your current lender may also reduce other fees and closing costs. Also, under the Housing Assistance Program (Hap) which was part of Pres. Obama's stimulus package, there are provisions to help homeowners refinance, but they must use their current lender. Some of those provisions include less restrictive loan qualifications so homeowners who have lost the 20% equity reserve which is usually required can still refinance up to 105% of the value of their home.
For all mortgage financing, always ask what fees the bank can reduce if you finance with them. They all want your business. Good luck.

Kate,

If you are eligible for one of the new Home Affordable Refinance Programs, you may not need a new appraisal. If you are interested in finding out more, please get in touch and I'll walk you through the steps for determining your eligibility.

Thank you,

Rob Spinosa
rspinosa@mortgagemasterinc.com