 TITLE: Can I Refinance My Mortgage Without an Appraisal? CONTENT: How Does No-Appraisal Refinancing Work?\n---------------------------------------\nRefinancing your mortgage replaces your current home loan with a new loan. The process of applying and qualifying is similar to what you experienced when you first took out your mortgage, including having to pay many similar closing costs—such as a fee for a new appraisal, which may cost $300 to $700.\nA mortgage refinancing can be worth the time and money if you can qualify for a lower interest rate that makes it possible to decrease your monthly payment and save you money over the life of the loan. Or, if you're looking to borrow money, a cash-out refinance lets you take out a new loan that's larger than your current balance and keep the difference in cash.\nYour new lender may want your home appraised before it agrees to lend you money. After all, it wouldn't want to issue you a $175,000 mortgage on a house worth only $150,000.\nBut if you'd rather save the time and money it takes to have your home appraised, you do have options. Some private mortgage lenders offer no-appraisal refinancing if you qualify for a waiver. And you may qualify for no-appraisal refinancing if you have a government-backed loan through the Federal Housing Administration (FHA), U.S. Department of Agriculture (USDA) or Department of Veterans Affairs (VA). END