Refinance Mortgage Loan
Refinance to Lower Your Monthly Payment or Cash Out Available Equity
Once you have a mortgage, it goes on autopilot, and will just continue to the end of its term, right? Not so fast! If your mortgage has a high interest rate, it might be taking a bigger chunk out of your budget than it needs to. Deciding to refinance your mortgage loan at a better interest rate may allow you to have a lower monthly payment, giving you budget relief without having to move out of the house you love.
If you have decided that the term of your loan doesn’t suit you, a mortgage refi may be a good answer to that. Do you want more time to pay off a property that has grown in value over the years? Maybe your situation is opposite, and you want to pay off your loan sooner. Give us a call to learn about your options. We’d like to be sure that you have the mortgage that works best for you.
Getting Refinancing Underway May Be Easier Than You Think
Refinancing a mortgage may seem like a lot of work, but at SMW we want to make the process go smoothly for our members. Because you already have the property financed, many of the elements of your mortgage package are already on file. We can give your application the attention it deserves and give you an answer quicker than you might imagine.
· Quick approvals and turnaround times (typically less than two weeks)
· Loan amounts up to 80% loan to value
· Loans are always held by the credit union and never sold on the secondary market
· Attentive, friendly service
FAQs
Why should I consider refinancing my mortgage?
There are a number of situations when refinancing a mortgage could make sense.
- Current mortgage rates are lower than your loan’s rate
- Your credit score has improved substantially since you received your mortgage loan
- Your home’s value has increased significantly since you purchased it
- You would like to shorten the mortgage term to accelerate payoff
Can I consolidate debt with a refinance mortgage loan?
Yes, if you have enough equity in your home, you may be able to pay off high interest debt while refinancing your mortgage loan.
Can I refinance if I have a home equity loan or HELOC?
If you have a home equity loan or line (often called a second mortgage), we most often pay off and incorporate the balance into the refinance mortgage loan so that you have only the new mortgage loan and one payment each month. In some cases, we may be able to keep your second mortgage intact but it requires the agreement of that lender and may involve additional fees. Let your SMW loan officer know if you would like to explore this option.
*APR = Annual Percentage Rate. For example, with the fixed rate of 5.88% / 6.156% APR on a $75,000 loan, 60% loan to value, your payment would be $1,445.91 per month. The as low as rate shown above is for a 5 year loan, 60% LTV. Primary residence in first lien position. Other options available. $500 processing fee can be rolled into the loan. A three year cost recovery should the borrower close the loan within the first 3 years. Minimum loan balance $10,000, maximum balance $200,000. Actual rate is based on credit history of borrower and condition of collateral. Rates subject to change at any time.