If I choose not to get an appraisal for a streamline refinance, will I get higher mortgage rates?

I'm assuming your referring to an FHA streamline refinance.. if so, there should be no difference in your interest rate if you get an appraisal.. The only thing that might help is in regards to monthly mortgage insurance.. if you are refinancing for 15 years, and you have 22% equity or more, then no monthly MI is required.. If this is not your scenario, then I would avoid getting an appraisal, because once there's an appraisal done, your loan is subject to the newly defined value.. and if you owe more than it's worth, you won't be able to refinance unless you pay down your balance... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Rates vary slightly for the better when you obtain an appraisal. The biggest benefit is that it allows the loan to include closing costs when you use an appraisal as the streamline without the appraisal will not allow those costs to be included in the new loan. This assumes you will have some equity in the property and if you are underwater with a current FHA Insured Loan, you may want to opt for the streamline w/o the appraisal. I'm happy to help as I work with a Federally Chartered Bank so I can originate loans anywhere in the USA! Good Luck!

It's best to not get an appraisal because if the appraisal did come back lower it could then affect your approval or possibly even interest rate at that time.

No they should not be higher. It really depends on your situation as to whether the rates are higher or not, to find out more give us a call and let us help you.201-962-3555 or email us at team@BestMortgageOption.com ask for Benny or Michelle

Opting NOT to have a traditional appraisal inspection on a streamline refi should not cause your interest rate to be higher than if you use the automated value. However, if you believe the value is substantially higher than what the streamline refi is using, you may want to look a traditional appraisal. Most loan programs do provide a slight improvement to rate if the LTV is below a given tier. Keep in mind, you do also run the risk of a lower value if you order an appraisal. At that point you are stuck using the lower of the two values.www.cobaltmortgage.com/jerrypotter

No. There should not be a difference and doing a streamline without an appraisal will go much quicker and a shorter lock which should get you a lower rate.

Some lenders may have very slight differences in their rate for a FHA streamline with vs. without an appraisal but unless you have significant equity in the property I would likely advise to take the easier and less costly route without an appraisal. For a VA IRRRL (sometimes called a streamline) there should not be much if any difference either.

It depends on where the appraisal comes in at. You may get a little better pricing with a lower loan to value but you may also lose the deal due to no loan to value.

It depends on the value of the home. If you have a substantial amount of equity, you may want to explore other options rather than an FHA Streamline. if you have 20% equity or more you can refinance conventionally and remove mortgage insurance entirely. If you would like to go over your situation in more detail, i would be happy to speak with you. We are Direct Lender in NY. You can Call or Email me. PBotros@OmegaLoans.net, 908-933-0253 x319(Peter Botros)