Blog with MAE Capital

Well this question is not a yes or no answer as it depends on the purpose of the refinance.  YOu can get away without an appraisal if you;

1. Have an existing FHA loan and wish to lower your payment from a 30 year fixed rate to another 30 year fixed rate and you are saving more than $50 a month on your payment.

2.  If you have a conventional loan owned by FNMA or FHLMC and you have made all you payment on time and have good credit and qualify in the automated system (that we run).  The system will give us an appraisal waiver, but we need to run the system based on your information you provide us.

If you are taking any cash out of the property there will be an appraisal required.  If you are refinancing an investment property you will need an appraisal. 

However, if you are "under water" on your mortgage to the value of your home any of the two above circumstances might allow you to lower your payment even if you are "under water".