refinance without appraisal: how some homeowners skip the inspector

Homeowners sometimes pursue a refinance without appraisal to cut time, uncertainty, and out‑of‑pocket costs. Instead of a visit from a licensed appraiser, the lender leans on automated data and your loan profile to judge value and risk, which can speed approvals.

How it works

An underwriting engine reviews your file and may grant a waiver when equity looks strong, credit is solid, and the loan purpose fits program rules. That can trim fees, shorten closing, and avoid surprises from quirky comparable sales.

Who may qualify

Borrowers most likely to qualify have on‑time payments, lower loan‑to‑value ratios, and certain loan types like VA IRRRL, FHA Streamline, or conventional loans with appraisal waivers (PIW or ACE). Cash‑out and unique properties usually still need a full report.

• Benefit: Faster timelines and fewer hurdles.
• Cost: You may accept more conservative valuation.
• Risk: Rising values might not be fully captured.
• Alternative: Desktop or hybrid valuation if waiver fails.

Before you decide

Compare offers, run a break‑even, and get any waiver confirmed in writing. Review rate locks, clear closing costs, and firm eligibility so the no‑appraisal path truly saves money and stress.