Jean Chatzky Quotes
If your appraisal comes back too low - you don't have at least 10% equity for a conforming loan or 20% for a jumbo loan - you might not be able to refinance at all, at least with a loan that's packaged and sold to Fannie Mae and Freddie Mac. That means you may have to pay a much higher rate.
Citations
Chatzky, Jean. Money 911: Your Most Pressing Money Questions Answered, Your Money Emergencies Solved. HarperCollins, 2010.
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Jean Sherman Chatzky is an American journalist, a personal finance columnist, financial editor of NBC’s TODAY show, AARP’s personal finance ambassador, and the founder and CEO of the multimedia company HerMoney.