If you are worried about an adjustable rate mortgage and variable interest rates increasing your payment, or if you are just beginning to have payment problems, you may be able to refinance.
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 IS 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.
WE'RE HERE TO HELP
Our experienced Mortgage Officers can help you throughout the entire loan process. There are many loan programs on the market and it's important that you decide on best program for you. Contact any of our Loan Officers for a free consultation.