Low Equity Refinance

Call us

800 720 3758

800 720 3758 Mon-Fri 8 a.m. - 11 p.m. Eastern

Help is available in English,
Spanish and many other languages

Is a Low Equity Refinance right for you?

If the value of your home is close to or less than what you owe, we may be able to help you refinance your existing Freddie Mac mortgage.


You may be approved to refinance if you meet all the following:

  • You have an existing Freddie Mac mortgage
  • You took out your loan on or after October 1, 2017
  • You've had no 30-day delinquencies in the last six months and no more than one 30-day delinquency in the past 12 months
  • The dates of your original mortgage and this refinance are at least 15 months apart
  • Your mortgage has not previously been refinanced through the Home Affordable Refinance Program (HARP)
  • You don't have 3-5% equity needed for a standard Freddie Mac refinance

What if I'm not eligible or get declined?

Other options may still be available. If you can't afford your monthly mortgage payments due to a financial hardship, you may qualify for a loan modification.

Next steps

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Before you call, please have pay stubs or quarterly or year-to-date profit/loss statements, bank statements (for both checking and savings accounts) and tax returns for everyone listed on your loan. During the call, we'll discuss your situation, check eligibility and help you complete an application.


After the call, you'll get a copy of your application and a Loan Estimate with settlement costs. Make sure you review that the documents are correct. If you qualify, we'll call you with conditional approval. To avoid delays, provide any requested information as soon as possible. We'll also order a home appraisal to determine the market value.


Approval may take up to 75 calendar days, we'll review the property appraisal with your credit history and overall financial situation. We'll contact you regularly during this time with status updates. You can also check your status online.

Be sure to continue making your normal mortgage payments until you sign the loan documents and your refinance takes effect.


If your loan is approved, you'll receive a phone call from us to schedule the closing. This will be a similar process to the one you went through when you purchased your home.

At the closing, you and any co-borrowers will need to sign a full set of loan documents and pay for closing costs, unless some or all of the costs are financed into the loan amount.

Call us

800 720 3758

800 720 3758 Monday - Friday 8 a.m. - 11 p.m. Eastern

Help is available in English, Spanish and many other languages

Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.