What refinance option should I choose? My home appraised higher than current mortgage.?

Question by Adam: What refinance option should I choose? My home appraised higher than current mortgage.?
Hi. I am trying to refinance our current home. Currently, we have a rate of 5.25% on a mortgage with a home value of 247000. I am trying to refinance and the new appraisal of the home was 260,000. The refi would have a rate of 3.625%.

Since the home went up in the value, what does this mean for me and the refinance? Thanks!

Best answer:

Answer by Ariaread
Means you will have NO problem being approved. Borrow the 247k ONLY at 3.65
thus smaller monthly payments then you have now.

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