When you get a new mortgage that will pay off your existing mortgage, that is called refinancing. Refinancing requires that you have good credit (usually having a credit score of above 640), have at least 20% equity in the property and have income equal to three times the mortgage payment (if you have a $1,000 mortgage payment, you need about $3,000 in monthly income to qualify). Refinancing is usually not available to any homeowner who has missed even 1 mortgage payment in the past 12 months.