How refinancing could help
Refinancing your mortgage could put you in a better financial position to help you avoid payment challenges in the future. You may want to remove the uncertainty of an adjustable rate mortgage by switching to a fixed rate, or possibly reduce your monthly payments with a lower interest rate.
About the Home Affordable Refinance Program (HARP)
Many refinance programs require a significant amount of home equity. But with changes to the government’s Home Affordable Refinance Program, you may be able to refinance even if you owe much more than your home is worth.1
You may be eligible for the program if:
Is your current loan from Wells Fargo Home Mortgage?As an existing customer, you may be able to refinance with fewer fees and less paperwork through our streamlined refinance.
Equity is equal to the market value (or appraised value) of a home, minus any outstanding loan amounts.
If you are a servicemember on active duty, prior to seeking a refinance of your existing mortgage loan, please consult with your legal advisor regarding the loss of any benefits you are entitled to under the Servicemembers Civil Relief Act or applicable state law.
1 The interest on any portion of credit greater than the fair market value of your property is not tax deductible for Federal income tax purposes. You should consult your tax advisor regarding the tax deductibility of interest and charges.