Trying to refinance the house and got an appraisal about 1600 less than what we owe?

Garret
what will happen now does that mean that we can't refinance? It was supposed to be FHA and it is through our current mortgage lender (chase). Please help!!!

Williams
I assume you want to refinance to lower your payment and possibly your interest rate so it’s important you get it to work. You can still refinance BUT you will have to pay the $1600 at closing to offset the difference. If you can't do this, then you won't be able to refinance your mortgage.If refinancing is going to save you money in the long run then you should do everything you can to (legally) get the $1600 so you can get your new mortgage. Exhaust all your options but don't do anything that would change your credit as that could cause you to lose the refinancing. See if you can borrow the money from family or friends to pay back after your refinancing goes through. If this isn't possible, see if you have anything that is worth money you could sell to get to your goal. Perhaps some jewelry, antiques or just a bunch of items you don't need. Maybe a yard sale would be a great too!Good luck. I hope this helped.Brit

Chadwick
No, it means you will have to come up with cash at closing if you want the refinance to go through.