A new mortgage with more manageable terms, payments and interest rates. You may be able to refinance even if you owe more on your property than it is worth, as part of the government’s Home Affordable Refinance Program (HARP).
- Lower payments with a reduced interest rate or adjusted terms of your current loan
- Does not negatively affect your credit
- Allows you to keep your home
What is a Refinance?
By refinancing your home you will receive a new loan with completely new terms, interest rates and new monthly payments. Your new loan would replace any loan that you currently have and may lower your payment and can change your monthly financial situation for the better.
Refinancing may be an option if:
- You are current on your payment
- You have a high interest rate or an adjustable mortgage
- You have enough equity and income to qualify for a new mortgage
How does it work?
If you are able to qualify for a refinance on your mortgage you will need to go through an application process with a new or current lender. Your mortgage company will provide you with all the information to determine the best possible mortgage option for your situation.
|What are the benefits?
- Your payments would become more affordable by lowering your interest rates or adjusting other terms of your loan
- There are no negative effects on your credit
- You are able to stay in your home and avoid foreclosure