Should i refinance my house? is 79 amount owed enough for no refinancing fees on a new loan?

Angelina
When we purchased our house almost 2 years ago, we took out a loan for 100% of the purchased price and got a terrible interest rate. After updating our house a bit, our house has now appraised for a lot higher, adding 21% to the value of our house compared to the amount we purchased it for. (We only owe 79% of what the house was appraised for.)I would like to refinance our house... in order to save a couple hundred dollars a month by getting a lower interest rate. Are banks still going to ask us to put down $5000 +/- towards our house loan even though it has appraised for so much more than we purchased it for? Or will I only have to pay the refinancing fees of $2000 +/-? We also have good credit if that makes a difference. thanks!!

Mona
If you are just refinancing you should only have to pay closing costs and not a down payment. It would be good because it would be less mortgage but typically it is not required for a refi.

Ardath
You will pay closing costs only.. which can be financed in the loan. Do it now!! It's a great time to refinance!

Della
yes you should go and do it today.I am a mortgage banker in TN