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.

"I'm current on my mortgage, but would like to lower my payment."

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
  • You have an adjustable rate mortgage or a high interest rate
  • You have equity built up in your home

Refinance Calculator
Use this tool to estimate how refinancing might help you.

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

How does it work?

If you qualify to refinance your mortgage, you’ll go through an application, approval and closing process (similar to when you got your original mortgage). Your mortgage company will work with you through every step, and will help determine the best mortgage option for your specific needs.

Refinance Calculator
Use this tool to estimate how refinancing might help you.

Next steps

Step 1

Gather your financial information—Make sure you have your basic financial and loan information on hand when you call your mortgage company. You’ll need:

  • your mortgage statements, including information on a second mortgage (if applicable);
  • your other monthly debt payments (e.g., car or student loans, credit card payments); and
  • your income details (paystubs and income tax returns).

Step 2

Contact a mortgage company—Tell them you are interested in Refinancing and you want to see if you qualify.

It’s important to act quickly. As soon as you think you may have trouble making your mortgage payments or you think you want to refinance, contact your mortgage company to see if you are eligible for this option. If you need further assistance (before or after contacting your mortgage company), contact a Housing Counselor.