 TITLE: Can I Refinance My Mortgage Without an Appraisal? CONTENT: Are There Drawbacks of Refinancing Without an Appraisal?\n--------------------------------------------------------\nIn addition to saving you a few hundred dollars, skipping an appraisal can hasten the time it takes to close the deal and prevent a low appraisal from ruining your chance to refinance. However, paying for an appraisal can also be a good idea, even if you have the option for a no-appraisal refinance.\nIf you believe your home has increased in value, a higher appraisal might help you qualify for refinancing with a better interest rate because your LTV ratio will be lower. The savings from even a small decrease in your new mortgage's interest rate could more than offset the cost of the appraisal. Or, if you're looking for a cash-out refinance, you may qualify for a larger loan based on your home's high value.\nYou may also benefit from an appraisal if you're paying for private mortgage insurance (PMI). Once you have 20% equity in the home, you may be able to save money by canceling your PMI coverage. If you're already at that point based on your home's current value, getting it appraised before refinancing could help you get rid of the PMI. END