Refinancing Home

Want to reduce monthly payments? Pay off your home faster? Use your equity for remodeling or college tuition? Countrywide gives you a wide range of refinance loan options on primary residences, second/vacation homes and investment properties. We offer:

Loan amounts up to $2 million Fixed or adjustable rate loans Financing for single family residences to 1-4 unit properties

Quick help for selecting the right loan:

Have our interactive Loan Advisor suggest a loan for you Read the information here about the special features of Countrywide's loan programs Get general information on refinance loans in Loan Choices. See our home loans for those with less than perfect credit offered by Countrywide Home Loans' Full Spectrum® Lending Division.

Fixed Rate Loans

For a list of features on any of these loans, just click the name of the loan program.

Loan Program Reason to Choose It Key Feature Basic 30/25/20/15/10-Year Fixed Rate Loans You want the stability of a fixed principal/interest payment over the life of the loan. Loans on up to 95% of your home's current value. Reduced Rate Option You plan to stay in your home for a long time and want a lower rate. Reduced rate in exchange for limits on refinancing and early principal reduction for the first 5 years. No Equity Loans You don't have much equity or want to avoid upfront costs. Loans on up to 100% of your home's current value. Low Equity Programs You have just 3% or 5% equity in your home. No maximum income/earning restrictions and loan amounts up to $417,000. Low Documentation You have excellent credit and want to avoid paperwork.* Very little paperwork; loans up to 95% of your home's current value.

Adjustable Rate Mortgages

For a list of features on any of these loans, just click the name of the loan program.

Loan Program Reason to Choose It Key Feature Basic ARM You want to start with a low payment. As little as 5-10% equity in home; rate adjustments each 6 months or 1 year. Basic ARM with Reduced Rate Option You want to start with an extra low rate. Reduced rate in exchange for limits on refinancing and early principal reduction for first 5 years. Fixed Period ARM You plan to move or refinance again in a few years and want the security of a fixed rate for that period of time. Fixed rate for 3, 5, 7 or 10 years, then adjusts annually based on a financial index. Fixed Period ARM with Reduced Rate Option You want to start with an extra low rate, plus have the security of a fixed rate for a set number of years. Reduced rate in exchange for limits on refinancing and early principal reduction for first 5 years.

Loans Designed for Avoiding Traditional Private Mortgage Insurance (PMI)

For a list of features on any of these loans, just click the name of the loan program.

Loan Program Reason to Choose It Key Feature Tax Advantage Mortgage Insurance (TAMI) (Ask your tax advisor.) You have between 5% to 10% equity in your home and want to avoid paying traditional mortgage insurance. You offset the cost of traditional mortgage insurance by a higher interest rate, plus provide an extra tax deduction. Home Equity Line of Credit (HELOC) You have 10% equity in your home and want to avoid paying mortgage insurance. Combines a 1st mortgage and a 2nd mortgage (equity loan or line of credit) so you can achieve 80% loan-to-value on the 1st to avoid mortgage insurance.

Loans Exceeding Fannie Mae/ Freddie Mac Guidelines

For a list of features on any of these loans, just click the name of the loan program.

Loan Program Reason to Choose It Key Feature Non-conforming (Jumbo) Loans You need to borrow more than $417,000 ** Loans up to $2 million. Wide variety of program options: Reduced Documentation Loans No Ratio Test Loans No Income/No Asset Loans Expanded Exception Programs Expanded Cashout Refinances Second Homes Investment Properties Condominiums Foreign Nationals

Loans for People with Less Than Perfect Credit

For a list of features on any of these loans, just click the name of the loan program.

Loan Program Reason to Choose It Key Feature 30/15 year fixed For borrowers who want the stability of a fixed principal/interest payment over the life of the loan Expanded criteria allows non-traditional lender guidelines for individuals with less than perfect credit "Credit Repair" Loan Helps borrowers stabilize their situation to get "back on track" while enjoying a lower interest rate loan for a fixed period of time Fixed rate for 2 or 3 years, then adjusts annually based on a financial index Credit Comeback Loan® For borrowers who want to benefit from making on-time mortgage payments Allows for interest rate reduction if borrower makes consecutive timely mortgage payments during specified periods in the first 4 years of the loan Interest Only Loans For borrowers who need maximum cash flow and lower monthly payment in the short term Reduces monthly payments, helps maximize monthly cash flow and allows borrowers to qualify for larger loan amounts As Little As No Down-Payment Loans For borrowers with less than perfect credit and limited-to-no down payment who want to purchase a home Combines a 1st mortgage and a 2nd mortgage to use as equivalent for 20% down to avoid mortgage insurance

*Excellent Credit program requirements are tougher than standard program guidelines. Examples of disqualifying factors may include:
	Late payments
	Balances on accounts too high (e.g., credit cards are all at the limit)
	Credit history too short (<2yrs)
	Too many accounts with balances

If you apply, we will order your credit report (and any co-applicants) to confirm excellent credit history and timely account payment, particularly for the past 12 months.

**Restrictions apply. Program guidelines are subject to change. Some products not available in all states.