if my appraisel is lower than I expected,how does that effect my refinance terms?

It really depends on which refinance product your using.. FHA, VA, USDA and HARP eligible properties can be refinanced without an appraisal.. or, if the appraisal is required, you can still refinance so long as the lender does not have any restrictions to the loan to value above and beyond what the program requires..so for the majority of refinance loans, value should not be a problem.. but without knowing exactly which type of loan product your using to refinance, its hard for anyone here to say for sure.. 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

it depends on what your loan to value is , what you owe versus what your appraisal came in at.. Are you a FHA, VA? THEY have reif programs without appraisals.. THE lower value of your appraisal can affect the rate . and possible mortgage insurance . I do have a great underwriter in your neck of the woods.. you may email me at yourloanpartnerforlife@live.com linda

It also depends on whether your loan is eligible for a HARP refi - many of those do not require an appraisal. Otherwise, the loan to value can affect the rate/pricing and whether PMI is required (if above 80%), plus it can limit your ability to take cash out. Please let me know if I can help: pdumouchel@primelending.com

We don't have enough information to provide a great answer. A lower value may kill the deal, it make force the lender to give you a different counter-offer with maybe a different rate, or it may have no effect whatsoever.