I want to refinance to a 15-year fixed mortgage. The balance on my mortgage is $377,000. Will I have to put money down?
My credit score is excellent.
Answers | 2
If you have a current 30-year loan, and are looking to refinance into a shorter term with a lower rate, as long as you have the required value in your house, you should be fine. If your house were only to appraise for $370,000, then yes, you'd need to pay down the new note to qualify. If you have some equity, there is no required down payment like there is on a purchase.