How much equity do I need to have in my home in order to benefit from refinancing?

While it is possible to qualify for refinancing with little or no equity, it is best to have at least 20% in equity in order to avoid paying Private Mortgage Insurance (PMI) – which when factored in, may negate the benefits of refinancing. Don’t be discouraged if you don’t have much equity, you may still qualify through HARP or other refinancing programs through the government.

Explore Your Options with a Loan Officer today.

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