Those equity requirements can be an issue when home values are stagnant or falling. You build equity as you pay down your mortgage and as the home’s value increases. Typically, homeowners need a certain amount of home equity to qualify for a refinance. Verify your refinance eligibility (Sep 26th, 2021)įreddie Mac’s Enhanced Relief Refinance program was created to help borrowers with very little equity refinance into a lower rate and monthly payment. If you need a lower interest rate and cheaper monthly payment, it’s worth checking your eligibility to refinance at today’s low rates. And the number of homeowners with underwater mortgages has been steadily decreasing.Īs a result, many homeowners are refinance eligible and simply don’t know it yet.
It was created to help homeowners with little or no equity refinance into a lower interest rate and monthly payment.įortunately, home values have been rising rapidly across the nation. The Freddie Mac Enhanced Relief Refinance (FMERR) is a mortgage relief program.
