I got approved to refinance to a 30yr loan, but I didn't think about whether I would have to pay 10% down (or whatever amount), in order to refinance. I know there will be closing costs... but what about the down payment??? Thanks.
2007-11-09 12:11:24 · 3 answers · asked by holly a 1 in Business & Finance ➔ Credit
If your appraisal for your refinance comes in lower than what you originally paid, you will have to cough up the difference at closing. In many markets, real estate values have dropped, and you might be facing this, depending on what has occurred in your area.
2007-11-09 12:37:34 · answer #1 · answered by acermill 7 · 0⤊ 0⤋
It depends on your equity, for rate and term refis you are allowed to use a new appraisal. If it comes short then you have to pay out of pocket for the closing cost. UNless you find a no closing cost loan- but then the rate will be higher.
2007-11-09 12:16:18 · answer #2 · answered by WCJKD 2 · 0⤊ 0⤋
You wont hav to pay a down payment
2007-11-09 12:15:41 · answer #3 · answered by Lloyd 2 · 0⤊ 0⤋