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You Don't Need to Put Money Down to Refinance Your Mortgage - But There Are Costs

By
Mortgage and Lending with ChangeMyRate.com® A Mortgage Corporation NMLS #1326269

When you refinance your mortgage, you rarely need to make a down payment like you did when you obtained the initial loan. However, there are still costs involved in refinancing, so you may need to provide cash when you close. How much largely depends on the type of refinance.

Do you need to put money down to refinance a mortgage?

More often than not, you don’t need to put down money to refinance your mortgage. In the typical rate-and-term refinance, which lowers your interest rate and payments and/or shortens your loan term, lenders generally look for an 80 percent loan-to-value ratio (LTV) or lower and solid credit, not money down.

To learn more about refinancing your mortgage and the home buying process, visit the SCOOP! Blog

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Thomas J. Nelson, REALTOR ® CRS,ABR,PSA,RCS-D, ePRO
Big Block Realty 858.232.8722 - La Jolla, CA
Serving Coastal San Diego, Veteran's & Seniors

Good info. Closing costs vary as some lenders "eat" them.

Jul 17, 2021 09:44 PM
Jackie A. Graves

Hi Thomas, thank you for your comment. Saty posted for future blogs and make it a great day.🙂

Jul 18, 2021 06:24 PM