Minneapolis, MN: As mortgage interest rates fell to all-time lows earlier this year, even underwater homeowners were able to take advantage of refinancing through mortgage programs that do not require a property appraisal.
No appraisal refinances make the refinance process easier than ever, especially for those homeowners that own more than their home is worth.
Some of the most popular no-appraisal refinance programs include the FHA streamline refinance and the HARP (Home Affordable Refinance Program). Other no-appraisal refinance programs include the VA streamline or VA Interest Rate Reduction Refinance Loan and the USDA streamline refinance.
While many home values are on the rise across the United States, many homeowners continue to owe more than their home is worth and are unable to qualify for a traditional refinance to lower their interest rate. Under theses streamlined no-appraisal refinance programs, homeowners are able to successfully lower their interest rates without assessing their home’s value.
On average, homeowners that take advantage of a no appraisal refinance program are able to yield a savings of about 35 percent. If your home is currently underwater and you have not been able to qualify for a traditional refinance, look into a no appraisal refinance.