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REFINANCE
A new loan—with new terms, interest rates and monthly payments—that completely replaces your current mortgage. Even if your home value has decreased or you owe more than your home is worth, you may be able to refinance your loan as part of the government’s Home Affordable Refinance Program - HARP.Make your payment more affordable by lowering your interest rate or adjusting the terms of your loan
Creates no negative activity or event on your credit history
Stay in your home and avoid foreclosure
What Is Refinance?
With this option, you receive a completely new mortgage with new terms, interest rates and monthly payments. The new loan completely replaces your current mortgage and may lower your payment, which could help improve your monthly financial situation.
Refinancing may be an option if:
You are current on your mortgage payments
If you haven’t been more than 30 days late in the last 12 months, you may also qualify for the government’s Home Affordable Modification Program - HAMP. You have an adjustable rate mortgage or a high interest rate
You have equity built up in your home
If you don’t have any equity, you may still qualify for the government’s Home Affordable Refinance Program
What are the benefits?
Make your payment more affordable by lowering your interest rate or adjusting the other terms of your loan
Creates no negative activity or event on your credit history
Stay in your home and avoid foreclosure
HAVE QUESTIONS
It is recommended that you seek the advice of a real estate attorney or tax advisor
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