Refinance - Value of House Down (PMI, interest rate, credit, fee)
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Some banks have streamlined refi programs that do not require an appraisal, assuming you have good credit and payment history. I know Wells Fargo does, because I just did it. The rate was about .25 higher than what they quote on their site, but we just called and answered a few questions and they sent us a packet in teh mail to return via UPS, pre paid. No closing costs at all except the notary fee and no appraisal of any kind. Luckily, we are not totally underwater, but it certainly helped avoid PMI.
So, you might start with your current mortgage holder to see what they have in place.
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