Conventional loans usually require a 20 percent down payment, meaning that mortgage holders could lose a ...New London Day - Foreclosure actions in New London County ... Countrywide (a major mortgage lender) wouldn't even talk to me three months ago about a (loan ... Another important benefit of refinance mortgage loans is that gives the borrower more flexibility. It allows you to change loan terms from a long one to something shorter. In this way, you can pay off the principal more quickly, thus saving you from the total interest charges.