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!
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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