Question by Noah’s Ark: Do I have to have money down to refinance my home?
I would like to refinance my mortgage, yet all the research I have done with local banks requires a down payment. In all honesty, if I had $ 3-5000.00, I would not be so stressed over lowereing my mtg. payments. This is my second home. I have little savings left and have shaved every possible bill to this point, my cell phone is next. Please advise.
Answer by Sharon T
If you have sufficient income and equity, you should be able to add the refi costs into the new mortgage. This assumes your credit is good.
What do you think? Answer below!
You must have a certain amount of equity. Down Payments apply to purchases, not refinances.