Skip to Main Content
Alvy+, a new digital banking experience is here! Download today!

Town and Country Bank

Main Navigation

  • Careers
  • Contact
  • Search
  • Pay Loan
    • Make a Mortgage Payment
    • Make a Loan Payment
  • Login
    • Online Banking
    • Home Loan
    • Make a Mortgage Payment
    • Trust & Investment Services
    • Make a Loan Payment
    • Credit Card
  • Menu
  • Home
  • Personal Banking
    • Personal Checking Accounts
    • Personal Savings Accounts
    • Loans
      • Auto Loans
      • Personal Loans
      • Home Equity
      • Land & Lot Loans
      • Bridge Loans
    • Make a Loan Payment
    • Personal Debit and Credit Cards
  • Business Banking
    • Business Lending
    • Business Accounts
    • Treasury Management
    • Business Debit and Credit Cards
    • Alternative Financing Options
    • Meet Our Business Bankers
    • Request a Business Financial Review
  • Home Loans
    • Find the Perfect Home Loan
    • Meet our Mortgage Lenders
    • Mortgage Calculators and Rates
    • Mortgage FAQs
    • Community Mortgage Partners
      • About Us
      • Our Services
      • Our Loan Products
      • Contact
  • Trust & Investments
    • Personal Financial Planning Services
    • Business Financial Planning Services
    • Meet our Trust & Investments Team
  • Customer Support
    • Online & Mobile Banking Services
    • Account Resources
      • Overdraft Protection
      • Reorder Checks
      • Financial Calculators
      • Switch to Us
      • Online Forms
      • Online Security
      • FAQs
    • Additional Services
  • Sprig The Word Blog
  • Our Team
  • About Us
    • Community Support Request
    • About Our Bank
    • Investor Relations
    • Diversity, Equity, and Inclusion
    • Locations & Hours
    • Careers
      • Careers in Mortgage Lending
      • Commercial Banking Development Program
    • Events Calendar
    • News
      • 2022 Financial Reports
      • 2021 Financial Reports
      • 2020 Financial Reports
    • Contact Us
    • Connect With Us

  • Sprig The Word Blog

Refinance Your Home with RefiNow™

8/4/2021

SHARE

Fannie Mae (FNMA) recently announced a new RefiNow™ program, which provides lower-income homeowners the opportunity to refinance and take advantage of today’s historically low interest rates! The RefiNow™ program is specifically designed for borrowers who want to obtain the benefits of current interest rates but who otherwise may not qualify to refinance due to FNMA guidelines regarding a person’s debt-to-income ratio.

Program Requirements

Initial requirements of the program are that FNMA must be the investor on the current mortgage loan and that the borrowers' income must be below 80% of their respective Area Median Income (AMI).

Another major requirement is that our mortgage lenders will have to compare your current mortgage rate and the current principal/interest payment versus what the new proposed rates/terms will be. Overall, this new principal/interest payment must be a minimum of $50 per month lower. That means homeowners will save at least $600 a year when refinancing their current FNMA mortgage loan through the RefiNow™ program.

Other factors that borrowers will need to consider are the following:

Occupancy

With RefiNow™, a new loan must be secured by a person’s primary residence.

Payment History

The current mortgage cannot have any 30-day late payments in the past six months. Also, in the previous 12 months, you cannot have any more than one 30-day late payment.

Identical Borrowers

With this program, you must make sure all the borrowers on the current loan are the same borrowers on the new loan. This program cannot be utilized when a borrower wants to refinance due to a divorce or separation.

Debt-to-Income Ratio

The maximum allowed debt-to-income (DTI) ratio is 65%. This ratio means that your monthly outgoing debts (including your new house payment, car loans, minimum payments on credit cards, child support, etc.) cannot exceed 65% of your gross monthly income.

With today’s rates lower than they have been in previous years, this is a great time to consider the benefits of refinancing your existing home loan!

Ready to RefiNow™? Let us help!

At Town and Country Bank and Peoples Prosperity Bank, our mortgage lenders are here to assist with all of your refinancing and home buying needs.

If you believe that you would benefit from Fannie Mae’s RefiNow™ program or are curious to learn more, connect with one of our experienced mortgage lenders today! We are ready to help you receive the best possible interest rate for your loan and save you money in the process. Contact us or visit one of our 12 branch locations so we can assist you with getting started!

More Posts

Open an accountOpen account
Find a locationlocations

  • Facebook Logo
  • Twitter Logo
  • LinkedIn Logo
  • Contact Us
  • Locations & Hours
  • Financial Calculators
  • Careers
  • Financial Privacy Disclosure
  • Electronic Documents (Paperless) Disclosure
  • Other Disclosures
  • Financial Privacy Opt Out Form
  • Community Support Request
  • Routing Number: 071123262
  • NMLS# 411614
    Town and Country Bank
  • NMLS# 423128
    Town and Country Banc Mortgage Services, Inc.
  • Go to FDIC website
  • Go to Equal Housing Lender website
  • Go to AARP BankSafe Trained institution website

Copyright © 2022 Town and Country Bank All Rights Reserved. An Illinois State chartered banking organization. | Please note that Investments are not a deposit, not FDIC Insured, not insured by any federal government agency, not guaranteed by the bank and may go down in value.

Privacy Policy

Town and Country Bank is regulated by the Federal Reserve Bank of Chicago. For accolades or complaints, please contact us by sending a letter to: Customer Relations Office, 3601 Wabash Ave., Springfield, Illinois 62711. If there is no sensitive customer information, such as social security or account numbers, you can send feedback to the following email address: customerrelations@townandcountrybank.com

You Are Now Leaving

You are now leaving the Town and Country Bank/Peoples Prosperity Bank website. You are about to access a third party web site or service that is not owned or controlled by Town and Country Bank/Peoples Prosperity Bank and therefore, may not be FDIC insured.

While we believe these resources are reliable, Town and Country Bank/Peoples Prosperity Bank is not responsible for and will not guarantee the products, services, information, or content provided by this third party.

Continue Cancel ×