800 720 3758800 720 3758 Mon-Fri 8 a.m. - 11 p.m. Eastern
Help is available in English,
Spanish and many other languages
Is mortgage refinancing right for you?
A lower interest rate or switching to a fixed-rate1 loan may make your monthly mortgage more affordable.
You may be eligible if:
- You're current on your home loan payments
- You have at least 5% equity for most loans, or at least 3-5% if you have a Bank of America FHA mortgage2
- You'll also need to meet other criteria such as credit, loan-to-value and debt-to-income ratio requirements
What if I'm not eligible or get declined?
If you can’t afford your monthly mortgage payments due to a financial hardship, you may qualify for a loan modification.
Next stepsswitch this carousel to accesible friendly view
Before you call, have paystubs or quarterly year-to-date profit/loss statements, bank statements (for all checking and savings accounts) and tax returns handy for everyone listed on your home loan. We'll discuss your situation, pull a credit report and talk about key deadlines.
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.
If the proposed payments aren't an improvement over what you pay now, you're not refinancing to lock in a fixed-rate, and you're experiencing financial hardship, you may qualify for more affordable payments with a loan modification.
This process may take about 75 calendar days from your initial call. We'll review the property appraisal along with your credit history and overall financial situation and contact you regularly with updates. You can also check the status online at any time.
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 amount3.
800 720 3758800 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.