Scott Storace - Branch Manager, 100 Pacifica Drive Ste. 140, Irvine CA 92618 NMLS #226339 949.973.0141

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Refinance Without an Appraisal

Streamline and Save

Streamline and Save

Orange County, CA – While we are in the midst of a fairly strong property market, which is undoubtedly growing, it’s easy to forget that just a year or two ago, we were still in the grips of a falling market. Between 2007 and 2011 property prices fell across the board. For four years we were in a depreciating housing market. This means that there are still plenty of people out there who have homes which are still not worth what they were at the top of the market back in April 2007. Of course, the increase since 2011 means that for some, refinancing is a little easier. For those who have properties where the value has caught up with the original loss, the problem of their home being valued as part of the remortgage approval process is minimized. Mortgage lenders will often look for a market appraisal in order to ensure the property is worth what they are lending against it. This is a traditional, or cash-in, refinance. The lender verifies that your cash-in the property, or equity stake, meets their minimum requirements.

FHA mortgages, conventional loans and the VA mortgage all use appraisals as part of their valuation process. But it is worth noting that streamlining refinancing is often an excellent way to effectively re-mortgage without having an appraisal on your home. If you’re in property which is still worth less than it was five or so years ago, then this could be an excellent loan option for you.

Available for this purpose are the FHA Streamline Refinance, the VA Streamline Refinance, and occasionally the HARP Mortgage. All of these refinancing packages are available without the need for an appraisal. In many cases, the HARP program does require an appraisal. However, that program allows LTV’s in excess of 200%. Therefore, if you qualify for the mortgage but still need an appraisal it is of less concern.




If you take the option of a normal refinance package, you will be expected to have a home valuation which will have to be undertaken by a third party inspector. They will assess your property and attempt to find the price at which you could reasonably expect to sell your home given the current market conditions. Appraisers look at many property and market variables when valuing a home. People sometimes find that the value attributed to their home is rather less than they had hoped. This can lead to problems in terms of the minimum LTV refinance requirements.

Naturally, if you’re concerned about the resale value of your home, but you’re interested in refinancing, then the streamlined options that are worth looking into. I recommend you talk through your options with a mortgage advisor who will be able to assess the merits of any refinancing program. Each financial package is different for every person and their set of unique circumstances. This is why it’s important to have an expert in the field explain exactly what will be best for you, and why. Feel free to contact me. I’m always happy to help!

Scott Storace

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