options for keeping your home
Traditional Refinancing
Traditional refinancing may allow you to secure a lower interest rate and reduce your monthly payments, so you can keep your home. When is it possible to qualify for traditional refinancing?
- If you’re behind more than three mortgage payments.
- If you have a lower than average credit score.
- If you have enough equity in your home to qualify for a new loan.
“C” is correct. To qualify for traditional refinancing, you cannot be seriously delinquent on your current mortgage, and you must have acceptable credit. If you meet these criteria, refinancing may help you secure a better interest rate, a longer payment term, or even a different kind of loan.