(1Rates subject to change; 2APR is Annual Percentage Rate)
As interest rates shift over time, and life events change your financial picture, the question of mortgage refinancing comes up often. But getting clear answers about whether refinancing is right for you can be difficult.
A bit of research and consideration of your options can help to show you a path that works for your financial situation. This is one of those times when being with a member-oriented credit union works to your advantage. InTouch has a slate of resources and mortgage lending experts to make the process make sense for you.
ITCU partners with Member First Mortgage*, to provide our members with personalized advice to maximize your savings, and expert guidance to make your mortgage refinancing experience hassle-free.
At its most basic level, a mortgage refinance is taking out a new mortgage loan to pay off the existing loan. This makes sense if you are looking to change the length (term) of your mortgage loan, want to cash out equity to pay for home improvements, or if you have financed home improvements already and want to combine the loan with your mortgage loan.
The best way to know if the traditional refinancing path is a good one is to utilize InTouch’s Mortgage Mortgage Refinance Calculator Calculator. Get started on the process of evaluating both what you need to know and how your payments, for example, might change with this free tool.
When you apply to refinance, there will be fees to roll into your new loan, such as closing costs. But make sure that you are clear about whether your current loan has a fee for paying it off early. Additionally, you may be looking at appraisal and inspection fees, along with title fees. These may be negotiable, depending on whether your current loan is with the same institution. Just make sure you are aware of the options, to avoid surprises.
Your Mortgage Mortgage Lending Experts Experts with ITCU are always available to guide you through the process.
If you are currently in the first 10 years of a 30-year mortgage, you can usually opt to finance for the number of years you have left on your current mortgage and lowering your payment through the lower rate only.
When you are ready to explore mortgage refinancing, take a look at the great interest rates we offer. Savings of a point or more over your current loan usually translates into significant savings. And that means more of your hard-earned money stays in your pocket. Contact us or use the handy online application to get your mortgage refinance rolling today.
NMLS ID# 149532
*Mortgage loans not currently available in the following states: AZ, ID, HI, KS, ME, MN, MO, ND and NY.
