Q&A: Do I have to have money down to refinance my home?

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.

Best answer:

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.

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One Response to Q&A: Do I have to have money down to refinance my home?

  1. Gorkbark Porkduke Gefunken Fubar says:

    You must have a certain amount of equity. Down Payments apply to purchases, not refinances.

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