How much equity do I need to refinance?
August 27th, 2008 By Peter G. Miller
Generally, private-sector loans are likely to require from 5 to 15 percent equity. How “equity” is defined is very important
With the FHA you can get a streamline refinance which does not require an appraisal. With no appraisal equity is not an issue.
However, solid equity is not enough. You also need a good credit history — no late or missed mortgage payments in the past few years.
Speak with lenders for specifics.
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