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How much equity would you need to refinance?

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There is no requirement for the amount of equity in your home in order to refinance. You can get mortgages for 100% of the value of your home if you are willing to pay a higher interest rate. SOmetimes this makes sense if you really need the money and have no other source for the funds. The things to consider are how much of the total value of your house is your new loan amount going to be? In other words, are you trying to get a loan for more or less than 80% of the appraised value of your house? If it is more, a standard Fannie Mae loan would require you to carry PMI on the mortgage. Next would be closing costs and escrows. A refi could cost you many thousands of dollars depending on the value of your house and the amount of the mortgage. So when you are calculating the loan to value on the new mortgage, and you are planning to roll in the closing costs into the new loan, don't forget to include this amount. Another option would be a home equity line of credit. These loans can be obtained to 95% of 100% of the value of the house depending on your credit and income scenario. Answer Lenders typically require you to have a 90% loan-to-value ratio if you want to refinance. They also want to see that your home has increased in value. Most lenders won't refinance your home if it's significantly losing money.
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