Asked by Marinaathomas  |  Submitted April 01, 2016

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.

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  Answers  |  2

April 08, 2016

Probably not.

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.

$commenter.renderDisplayableName() | 09.23.19 @ 11:23

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July 10, 2016

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$commenter.renderDisplayableName() | 09.23.19 @ 11:23

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