Can a refinance be done without an appraisal?

Refinancing a mortgage without having an appraisal is possible, and may make the refinance process quicker and easier. There are times, however, when you’ll need to get your home appraised to refinance your mortgage—or when you’ll want to opt for an appraisal, even if you could get approved for a refinance without one.

How do I get an appraisal waiver for refinance?

To get an appraisal waiver, you need to be applying for a certain type of loan. Specifically, a conventional loan, AKA one that’s backed by a private lender. You can’t get an appraisal waiver for a VA loan, an FHA loan, or a USDA loan, which are all types of loans backed by the federal government.

How important is appraisal in refinance?

Appraisals are also important in the refinance process because it will give you updated info on the appreciation or depreciation of your home, dictating just how much equity you may be able to tap into should you choose to utilize it for other financial goals.

How long does a refinance take without appraisal?

The Bottom Line You can refinance your mortgage loan to take advantage of lower interest rates, change your term, consolidate debt or take cash out of your equity. Though there is no exact time limit on how long a refinance can take, most refinances close within 30 to 45 days of your application.

How long does a refinance appraisal take?

When the appraisal comes in, it shouldn’t take longer than two weeks to close on your mortgage. However, it’s impossible to tell you exactly how long your refinance after your appraisal will take because other third parties can delay the process. Your lender can help you gauge how long the process will take.

Can you get a mortgage without appraisal?

A no-appraisal mortgage is a home loan that doesn’t require an appraisal. The majority of lenders provide no-appraisal mortgages for refinancing purposes while others may offer them for first-time loans. No-appraisal loans are offered by a number of government agencies, including the Federal Housing Administration.