What is a 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 late on your mortgage payment in the last 6 months, you may also qualify for the government’s Home Affordable Refinance Program
• 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