if the appraisal value of your home is $305,000 how much can you refinance?

The amount that you can refinance will depend on the type of loan... conventional will probably be 80%, but FHA could be as much as 95% of value, and a VA refinance can be 100%. It is best to contact a mortgage broker.

If you have an FHA loan right now you can do a re-fi with no appraisal. If your current loan is conventional I would go to current lender and ask them what you can do- some may have special programs. If you need for some reason to go on the open market- you will need to pay the loan down as a part of the refinance.

It used to be that you could borrow up to 80 percent of the value without complications like private mortgage insurance. There may be lenders who will give you a second loan up to 90 percent, at a higher interest rate. But you're slightly above 90 percent already.

Why don't you call several vendors and ask...

A new mortgage loan in your case is considered a refinance.

Normally a mortgage lender would refinance a property at approximately 80% of the value of the property.

It appears as if you are in the neighborhood of approximately 90% of the value of your property if the value of your property is true and your current mortgage loan is correct.

I hope this has been of some benefit to you, good luck.

"FIGHT ON"

FHA will allow you to refinance up to 97% $295,850.00 with no cash out. Basically this means you can get enough to pay your loan off & cover closing costs but no additional cash back to you. You will have Mortgage Insurance but it can be financed & depending on what rate you have now may save you tons of money.