Mortgage Refinancing

Many homeowners pay their mortgages on time, but are not able to refinance to take advantage of today's lower mortgage rates perhaps due to a decrease in the value of their home.

You may be eligible if:

• You are the owner of a one– to four–unit home
• Your loan is owned or guaranteed by Fannie Mae or Freddie Mac
  (Visit Fannie Mae or Freddie Mac to find out)
• You haven't been more than 30 days late on your mortgage payment in the last 12 months
  (If you have been more than 30 days late, you may be eligible for a mortgage modification)
• You believe that the amount you owe on your first mortgage is about the same or less than the current value of your house
  (The current value of your property will be determined after you apply to refinance)

If you meet all of these criteria, you may qualify for a "Home Affordable Refinance." Contact a Sovereign Mortgage Development Officer or submit our Pre-Qualification form to determine if you qualify.