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How much money do I need to refinance  loan?

Lenders usually expect that you have at least five percent equity in the house's appraised value. Also, you can expect to pay closing costs, which are often three to four percent of the loan amount. If you retain five to twenty percent equity in your home, the lender will require you to pay for private mortgage insurance. If you have over twenty percent equity, you will not be required to pay for private mortgage insurance.

You may finance the closing costs into the loan amount to avoid paying cash to obtain the loan, as long as the total loan amount complies with the lenders equity requirements.


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