🔁 Can You Refinance a Jumbo Loan? (And Why You Might Want To)
If you’ve searched “I need help with my mortgage,” you’re not alone. Many homeowners today are facing the pressure of rising mortgage payments, unexpected financial challenges, or even the fear of falling behind. The good news? You may have options—and the sooner you act, the more control you’ll have over your financial future.
At PRMI (Primary Residential Mortgage, Inc.), we work with homeowners every day who are asking the same urgent question: “What can I do if I can’t afford my mortgage?” This guide will walk through the most common challenges, potential solutions, and important next steps to explore with a licensed loan officer.
Why Homeowners Are Searching “I Need Help With My Mortgage”
Financial stress happens for many reasons, often outside of your control. Some of the most common pain points homeowners face include:
- Rising Mortgage Payments – Adjustable-rate mortgages resetting at higher levels, or increased property taxes and insurance.
- Job Loss or Reduced Income – Even temporary gaps in income can make it difficult to stay current.
- Unexpected Medical Bills or Emergencies – Health and family expenses can put pressure on your budget.
- High Debt-to-Income Ratio (DTI) – Credit card and loan payments combined with housing costs stretch finances thin.
- Risk of Falling Behind – Missing payments can lead to stress, credit damage, and foreclosure risk.
- Equity Tied Up in the Home – Many homeowners are “house rich, cash poor,” unaware their home equity could be used strategically.
If any of these sound familiar, you are not alone. The most important step is to explore your options before missed payments limit them.
What to Do if You Can’t Pay Your Mortgage
The worst mistake you can make is ignoring the problem. Options may be available to help you reduce payments, restructure your loan, or access equity—but they typically require early action.
Here are potential solutions homeowners consider:
1. Refinance Your Loan
Best for: Lowering monthly payments, stabilizing your rate, or restructuring your debt.
Refinancing allows you to replace your current mortgage with a new one, often with different terms. Depending on eligibility, benefits may include:
- A lower interest rate
- Extending the loan term for reduced monthly payments
- Switching from an adjustable-rate mortgage to a fixed rate for stability
- Potentially removing private mortgage insurance (PMI) if enough equity exists
A refinance isn’t right for everyone, but if you’ve built equity or your credit profile has improved, it may help improve cash flow.
2. Cash-Out Refinance
Best for: Debt consolidation, covering large expenses, or gaining liquidity.
With a cash-out refinance, you replace your current mortgage with a larger one and take the difference in cash. Homeowners sometimes use this strategy to:
- Consolidate high-interest credit card or personal loan balances
- Cover medical bills or tuition
- Fund necessary home repairs or improvements
Because mortgage interest rates are often lower than credit card or personal loan rates, consolidating debt may reduce your overall costs.
3. Home Equity Line of Credit (HELOC)
Best for: Flexible borrowing needs over time.
A HELOC is a revolving line of credit secured by your home’s equity. It allows you to draw funds as needed, which may work well for:
- Ongoing medical costs
- Staggered home repairs
- Temporary gaps in income
Since you only pay interest on what you borrow, a HELOC offers flexibility—but it’s important to borrow responsibly.
4. Loan Modification or Forbearance
Best for: Homeowners facing financial hardship.
If you’ve already missed payments or anticipate falling behind, you may be able to work with your current servicer to request hardship assistance:
- Loan Modification – Permanently changes loan terms (e.g., lowering the interest rate or extending repayment period).
- Forbearance – Temporarily reduces or suspends payments while you recover from financial difficulty.
These options are not guaranteed and typically require lender approval, but they can provide temporary relief.
5. Government Relief & Assistance Programs
Certain government-backed mortgages may have specific relief programs. Depending on your loan type, you may want to explore:
- FHA Mortgage Relief – Streamline refinance and hardship assistance.
- VA Mortgage Assistance – Programs available for qualifying veterans.
- USDA Loan Relief – Options for rural homeowners in financial distress.
- State Homeowner Assistance Funds (HAF) – State-level programs offering grants or payment assistance.
PRMI can help review your loan type and determine if you may qualify for these programs. Note: PRMI is not a government agency; eligibility and approval are determined by the respective agency or program administrators.
6. Debt Consolidation Options
If multiple monthly payments are overwhelming, consolidating them into one mortgage payment may free up cash flow. Depending on eligibility, this can be achieved through a refinance or cash-out refinance.
Why Acting Early Matters
Every missed payment affects your credit score and may reduce your available options. Acting sooner may:
- Increase the likelihood of refinancing approval
- Keep modification or forbearance options open
- Prevent foreclosure risk from escalating
- Protect your long-term financial health
The sooner you explore solutions, the more tools may be available to you.
How PRMI Helps Homeowners in Mortgage Distress
At PRMI, we understand every homeowner’s situation is different. Our licensed loan officers work to identify potential options tailored to your circumstances. Here’s how the process works:
- Free Consultation – Review your current mortgage and financial goals.
- Options Analysis – Explore possible solutions such as refinancing, cash-out, HELOC, or modification programs.
- Fast Review – Many homeowners may be able to receive same-day guidance on next steps.
- Support & Guidance – PRMI helps with navigating paperwork and program requirements.
Get Mortgage Help Now
If you’re thinking, “I need help with my mortgage,” now is the time to act. A licensed PRMI loan officer can review your situation and help identify potential solutions to fit your needs.
📞 Call PRMI today to connect with a licensed loan officer.
📅 Schedule your free consultation to review available programs.
📩 Apply online to see what you may qualify for.
👉 Don’t wait—explore your options today while they’re still available.
Related Questions Homeowners Ask
- How can I lower my mortgage payment quickly?
- What happens if I miss a mortgage payment?
- Can I refinance if I’ve missed payments?
- Is a loan modification better than refinancing?
- How do I avoid foreclosure?
Important Compliance Information
This is not a commitment to lend. Restrictions may apply. Contact PRMI for details specific to your situation.
All loans are subject to credit approval and program guidelines. Not all applicants will qualify. Programs, rates, terms, and conditions are subject to change without notice.
PRMI is not affiliated with, nor an agency of, the U.S. Government. Any government-related programs discussed are managed by the respective agencies or state programs directly.
This article is for educational purposes only and should not be considered legal, tax, or financial advice. For personalized guidance, consult with a licensed PRMI loan officer.