{"id":46443,"date":"2020-12-16T09:30:55","date_gmt":"2020-12-16T17:30:55","guid":{"rendered":"https:\/\/www.credible.com\/blog\/?p=46443"},"modified":"2022-04-06T11:27:58","modified_gmt":"2022-04-06T18:27:58","slug":"no-appraisal-refinance-is-it-worth-it-2","status":"publish","type":"post","link":"https:\/\/www.credible.com\/blog\/mortgages\/no-appraisal-refinance\/","title":{"rendered":"No Appraisal Refinance: Is It Worth It?"},"content":{"rendered":"<p>Lenders generally require an appraisal during the refinancing process, but it\u2019s not necessary in every case. Depending on your circumstances and loan type, you might be able to refinance without one.<\/p>\n<p><b>Here\u2019s what you need to know about no-appraisal refinances: <\/b><\/p>\n<ul>\n<li><a href=\"#most-refinances-require-appraisal\">Why most refinances require an appraisal<\/a><\/li>\n<li><a href=\"#who-get-no-appraisal-refinance\">Who can get a no-appraisal refinance<\/a><\/li>\n<li><a href=\"#should-you-get-no-appraisal-refinance\">Should you get a no-appraisal refinance?<\/a><\/li>\n<\/ul>\n<p><a name=\"most-refinances-require-appraisal\"><\/a><\/p>\n<h2>Why most refinances require an appraisal<\/h2>\n<p>An appraisal is a professional assessment of a home\u2019s value. Lenders use these to ensure you aren\u2019t borrowing more than what your property is worth.<\/p>\n<p>When a <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/home-appraisal\/\">home appraisal<\/a> is required \u2014 both in a refinance or a purchase \u2014 the lender will order the service, but you\u2019ll pay for it. These generally run between $300 and $400 and are paid for at closing.<\/p>\n<p>If you\u2019re planning to refinance, make sure you shop around for your lender \u2014 it could save you on both <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/the-cost-of-refinancing-your-home\/\">closing costs<\/a> and your interest rate. Credible can help with the rate-shopping process. You can compare actual prequalified rates from our partner lenders, and it only takes a few minutes.<\/p>\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><span style=\"font-size: x-large;\"><strong>Find out if refinancing is right for you<\/strong><\/span><\/p>\n<ul class=\"list--iconArrow accent--isGreen\">\n<li><strong>Actual rates from multiple lenders<\/strong> &#8211; In 3 minutes, get actual prequalified rates without impacting your credit score.<\/li>\n<li><strong>Smart technology<\/strong> &#8211; We streamline the questions you need to answer and automate the document upload process.<\/li>\n<li><strong>End-to-end experience<\/strong> &#8211; Complete the entire origination process from rate comparison up to closing, all on Credible.<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><a class=\"btn btn-warning\" href=\"https:\/\/www.credible.com\/mortgage-refinance\">Find My Refi Rate<\/a><br \/>\n<small>Checking rates will not affect your credit<\/small><\/p>\n<p><!-- TrustBox widget - Micro Combo --><\/p>\n<div class=\"trustpilot-widget\" data-locale=\"en-US\" data-template-id=\"5419b6ffb0d04a076446a9af\" data-businessunit-id=\"5536ec090000ff00057eebe7\" data-style-height=\"20px\" data-style-width=\"100%\" data-theme=\"light\"><a href=\"https:\/\/www.trustpilot.com\/review\/www.credible.com\" target=\"_blank\" rel=\"noopener noreferrer\">Trustpilot<\/a><\/div>\n<p><!-- End TrustBox widget --><\/p>\n<\/div><\/div>\n<h3>What appraisers look for when you\u2019re refinancing<\/h3>\n<p>Appraisers are looking to evaluate your home\u2019s worth for the lender. From the lender\u2019s standpoint, your home is the collateral \u2014 and they\u2019ll need to sell it if you fail to repay your loan. If the home isn\u2019t worth enough, they won\u2019t recoup their losses.<\/p>\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\">Appraisers will consider a number of internal and external factors, including:<\/p>\n<ul>\n<li>The physical condition of the home<\/li>\n<li>Any upgrades you\u2019ve made<\/li>\n<li>Square footage<\/li>\n<li>Similar properties recently sold in the area<\/li>\n<\/ul>\n<\/div><\/div>\n<p><a href=\"https:\/\/www.credible.com\/blog\/mortgages\/refinance-home-appraisal\/\">Refinance home appraisals<\/a> aren\u2019t much different than those on home purchases, except you\u2019re able to attend them (you live in the home). This can be helpful if you\u2019ve made upgrades to the property you think should be considered by the appraiser.<\/p>\n<p>Once the appraisal is complete, you\u2019ll get a report stating the appraiser\u2019s findings, as well as the value they put on your home.<\/p>\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\">If <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/low-home-appraisal\/\">the appraisal comes in lower than what you\u2019re looking to borrow<\/a>, you can:<\/p>\n<ul>\n<li>Cancel your refinance<\/li>\n<li>Ask for a new appraisal<\/li>\n<li>Make up the difference between your loan amount and the appraised value in cash<\/li>\n<\/ul>\n<\/div><\/div>\n<p><b><i>Find Out: <\/i><\/b><a href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-to-refinance-your-mortgage\/\"><b><i>How to Refinance Your Mortgage in 6 Easy Steps<\/i><\/b><\/a><br \/>\n<a name=\"who-get-no-appraisal-refinance\"><\/a><\/p>\n<h2>Who can get a no-appraisal refinance<\/h2>\n<p>There are some scenarios in which you might not need an appraisal, both with conventional loans and government-backed ones. These instances aren\u2019t the norm, though they have grown more common since the COVID-19 pandemic began.<\/p>\n<h3>For conventional loans<\/h3>\n<p>If you\u2019re refinancing a <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/conventional-mortgage\/\">conventional loan<\/a>, you might qualify for an appraisal waiver. If you do, your lender will simply use your existing data, including any past appraisals, to estimate your home\u2019s value.<\/p>\n<p>When it comes to qualifying for an appraisal waiver, it will depend on who owns your loan. Fannie Mae and Freddie Mac each have different requirements, both of which are based on loan-to-value ratio \u2014 or how much you\u2019re borrowing versus how much your home is worth.<\/p>\n\n<table id=\"tablepress-496\" class=\"tablepress tablepress-id-496 table table-border-top table-rounded table-no-img-margin table-capitalized-column-titles\">\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-1\">\n\t<td class=\"column-1\"><\/td><td class=\"column-2\"><strong>No cash-out<\/strong><\/td><td class=\"column-3\"><strong>Limited cash-out<\/strong><\/td><td class=\"column-4\"><strong>Cash-out<\/strong><\/td><td class=\"column-5\"><strong>Max. LTV<\/strong><\/td>\n<\/tr>\n<tr class=\"row-2\">\n\t<td class=\"column-1\"><strong>Fannie Mae<\/strong><\/td><td class=\"column-2\">N\/A<\/td><td class=\"column-3\">90% LTV<\/td><td class=\"column-4\">70%<\/td><td class=\"column-5\">97%<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\"><strong>Freddie Mac<\/strong><\/td><td class=\"column-2\">90% LTV<\/td><td class=\"column-3\">N\/A<\/td><td class=\"column-4\">70%<\/td><td class=\"column-5\">90%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n<p>Freddie Mac-backed loans tend to see appraisal waivers granted more often. According to the <a href=\"https:\/\/www.aei.org\/research-products\/report\/prevalence-of-appraisal-waivers-at-the-gses-including-cltv-statistics\/#:~:text=Pinto&amp;text=Table%201%20and%202%20(GSE,%25%20consist%20of%20traditional%20appraisals).&amp;text=Waiver%20on%20cash%2Dout%20loans%20currently%20limited%20to%2070%25%20CLTV\">American Enterprise Institute<\/a>, 26.5% of cash-out refinances and 60.7% of rate and term (no cash-out) refinances had the appraisal waived in May 2020. With Fannie Mae loans, it was 22.6% and 56.8%, respectively.<\/p>\n<h3>For government-backed loans<\/h3>\n<p>If you have a government-insured mortgage, you also have options for a no-appraisal refinance.<\/p>\n<p>Here\u2019s what currently available:<\/p>\n<ul>\n<li><b>FHA Streamline Refinance:<\/b> <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/fha-streamline-refinance\/\">FHA Streamline Refinances<\/a> are designed for FHA borrowers refinancing into new <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/fha-loans\/\">FHA loans<\/a>. These require no appraisal and, in some cases, no credit check either.<\/li>\n<li><b>VA Interest Rate Reduction Refinance Loan (IRRRL): <\/b>The Department of Veterans Affairs offers the Interest Rate Reduction Refinance Loan designed for borrowers looking to refinance and lower their interest rates. You must already have a VA loan to qualify.<\/li>\n<li><b>USDA Streamlined Assist Refinance:<\/b> Streamlined Assist Refinances are for USDA borrowers. They require no credit check and no appraisal as long as you\u2019ve made your payments for the last 12 months. Your debt-to-income ratio is not factored in, either.<\/li>\n<\/ul>\n<p><b><i>Check Out: <\/i><\/b><a href=\"https:\/\/www.credible.com\/blog\/mortgages\/home-refinance-options\/\"><b><i>Home Refinance Options: How to Choose The Right Refinance For You<\/i><\/b><\/a><br \/>\n<a name=\"should-you-get-no-appraisal-refinance\"><\/a><\/p>\n<h2>Should you get a no-appraisal refinance?<\/h2>\n<p>Skipping the appraisal can save you both money and time, but if your home has increased in value, it might be the wrong move.<\/p>\n<h3>Pros of a no-appraisal refinance<\/h3>\n<p>There are significant benefits to refinancing without an appraisal. These include:<\/p>\n<ul>\n<li><b>Reduced costs: <\/b>You\u2019ll save around $300 to $400 on closing day by skipping the appraisal.<\/li>\n<li><b>Faster processing: <\/b>Appraisals extend the time it takes to close on your loan. In fact, according to the <a href=\"https:\/\/www.nar.realtor\/sites\/default\/files\/documents\/2020-01-realtors-confidence-index-02-21-2020.pdf\">National Association of Realtors<\/a>, appraisal issues were the culprit in 18% of delayed closings in January 2020.<\/li>\n<\/ul>\n<p><b><i>Learn More: <\/i><\/b><a href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-long-to-refinance\/\"><b><i>How Long It Takes to Refinance a Home<\/i><\/b><\/a><\/p>\n<h3>Cons of a no-appraisal refinance<\/h3>\n<p>Of course, no-appraisal refinances aren\u2019t without drawbacks. Here\u2019s what to keep in mind before skipping yours:<\/p>\n<ul>\n<li><b>You could be eligible for more cash out: <\/b>If your home increased in value, you might be able to take out additional cash when you do a <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/cash-out-refinancing\">cash-out refinance<\/a>. An appraisal would be needed to confirm this, though.<\/li>\n<li><b>You could get a lower rate or avoid mortgage insurance:<\/b> A higher home value also means more equity, which could qualify you for a lower interest rate or even help you avoid costly mortgage insurance.<\/li>\n<\/ul>\n<p>Whether your <a href=\"https:\/\/www.credible.com\/mortgage-refinance\">mortgage refinance<\/a> requires an appraisal or not, make sure to shop around for your loan. Rates and closing costs vary by company, so shopping around can help save you significantly \u2014 both upfront and over the length of your loan.<\/p>\n<p>Credible can help you easily find the latest mortgage refinance rates. Compare multiple prequalified rates from our partner lenders in just a few minutes by using the table below.<\/p>\n<div id=\"credible-rate-table\"><\/div>\n<p><script>\n      window.credibleAsyncInit = function() {\n        CredibleSDK.initWidget('#credible-rate-table', {\n               environment: 'production',\n  \t    product: {\n  \t       marketplace: 'mortgage-combined',\n  \t       type: 'rate-table',\n  \t       variation: 'shortened',\n               loantype: 'refinance',\n  \t    },\n          analytics: {\n             source: 'credible_blog',\n          },\n  \t    });\n        CredibleSDK.initWidget('#mortgage-combined-rate-widget-simple', {\n               environment: 'production',\n  \t    product: {\n  \t       marketplace: 'mortgage-combined',\n  \t       type: 'rate-widget',\n  \t       variation: 'simple',\n  \t    },\n          analytics: {\n             source: 'credible_blog',\n          },\n  \t    });\n      };\n<\/script> <script async defer src=\"https:\/\/sdk.credible.com\/sdk.js\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lenders generally require an appraisal during the refinancing process, but it\u2019s not necessary in every case. Depending on your circumstances and loan type, you might be able to refinance without one. Here\u2019s what you need&hellip; <a class=\"more \" href=\"https:\/\/www.credible.com\/blog\/mortgages\/no-appraisal-refinance\/\">Continue reading<\/a><\/p>\n","protected":false},"author":101,"featured_media":46447,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"inline_featured_image":false,"footnotes":""},"categories":[1570,1463],"tags":[1521,1525,1539],"class_list":{"0":"post-46443","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-mortgage-refinance","8":"category-mortgages","9":"tag-mortgage-rates-sidebar","10":"tag-mortgage-refinance","11":"tag-refi-options","12":"no-appraisal-refinance-is-it-worth-it-2","13":"post_tag-mortgage-rates-sidebar","14":"post_tag-mortgage-refinance","17":"post_tag-refi-options"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>No Appraisal Refinance: Is It Worth It? - Credible<\/title>\n<meta name=\"description\" content=\"Appraisals aren\u2019t always required when refinancing your loan. 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