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if we have less than 50% equity in our home, is the interest rate effected if we refinance?

Profile picture for kwilkie
We are looking at refi from a 30 year loan to a 15 year loan.  We just got an appraisal estimate (not an actual property appraisal) from WF that our home value has dropped about 18%, which means that our equity has slipped to just below 50% in the home, if we refi the loan.  Are there any negative impacts on a refi based on this that would make sense for us to pay for an actual appraisal (we've done improvements on the house, that would more than make up the difference in the value drop)?
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April 28 2011 - Dunwoody
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Answers (3)

Profile picture for Georgia Loans
I may as well post 10 times, LOL. I am referring to a conforming loan which caps at $417K. Since you are in Dunwoody you may have a true Jumbo loan which has different guidelines but it sounds like you will still be fine.  
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April 28 2011
Profile picture for Georgia Loans
As far as the equity position is concerned, there are price adjustments for loan to value in combination with your credit score on any loan greater than a 15 Yr term, but do not apply on a 15 Year Fixed. The only thing that could affect you is if the actual appraisal results in a loan to value higher than 80% triggering mortgage insurance.
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April 28 2011
Profile picture for Georgia Loans

What is the estimated value and loan balance? Do not pay for an appraisal yourself, it will be useless.
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April 28 2011
 

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Profile picture for Clay Branch
Questionif we have less than 50% equity in our home, is the interest rate effected if we refinance?
  • Latest answer by Clay Branch
  • April 28 2011
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