Refinance Mortgage Loans
Looking to improve the rate on your current loan, consolidate debt, or embark on a big home improvement project? Refinance your mortgage loan with OUCU.
Benefits Of Home Loan Refinancing
So why would you consider refinancing your home? Home loan refinancing offers various benefits to homeowners, including the possibility for better rates, lower monthly payments, and faster equity buildup.
Get a better rate
If your credit score has improved in the last few years or if interest rates have dropped, refinancing will give you the opportunity to get a lower interest rate on your mortgage. Also, if your current mortgage has an adjustable rate, you can lock in a more stable one instead.
Reduce your monthly payment
Finances change, and sometimes, you might need to reduce your monthly payments. For instance, if your original mortgage is for 15-years and you need lower monthly payments, refinancing your home to a 30-year mortgage can achieve that.
If you’re currently paying mortgage insurance each month, refinancing can also provide you with monthly savings on your mortgage once you’ve built up 20% equity in your home.
Build equity faster
Alternatively, if your finances allow for a higher monthly payment, you can switch over to a shorter-term loan to build equity faster and pay off your loan amount sooner. This can also help you save thousands on interest since it has less time to accrue.
Consolidate debt
A cash-out refinance enables you to borrow a little extra on top of what you currently need for your home. Doing so can cover high-interest debts, replacing them with a more affordable rate and simplifying your monthly bills.
Save money
If you refinance to lower your interest rate, remove mortgage insurance, or pay off your loan sooner, you’ll ultimately save money long-term, freeing up those extra funds for other things.
Is It Time For You To Refinance?
If your life situation has changed in the last few years, it may be time for you to consider refinancing your mortgage.
Higher income
If you’re currently earning more than you did when you first got your mortgage, or if you’ve paid off other debts in the meantime, then you might be able to afford the higher monthly payment that comes with a shorter loan term.
Better credit
As you make payments to your lenders and creditors on time and keep your credit card utilization low you’ll likely build up credit. That could get you a better interest rate later on your mortgage, presenting the opportunity to reduce your monthly payments and pay less interest overall over the term of the loan.
Financial hardship
Life happens. If you find yourself with limited funds or sudden expenses to pay for, it may help to refinance. Cash-out refinancing can assist in tackling high-interest debts and emergency expenses while refinancing to a longer loan term can help you bear your financial difficulties more easily.
Family situation has changed
If you’ve had a recent change in your family situation and need to add or remove someone from the mortgage, refinancing can allow you to do so.
Loans are available on a fair and equal basis regardless of race, color, ancestry, national origin, sex, or physical handicap. MortgageClick Reg. U.S. Pat. & T/M Off.
Refinance Your Home Loan Now
If you feel like it’s time to refinance your existing mortgage, then we can help you through each stage of the process. Get started with a mortgage refinance from Ohio University Credit Union today.
Loans are available on a fair and equal basis regardless of race, color, ancestry, national origin, sex, or physical handicap. MortgageClick Reg. U.S. Pat. & T/M Off.
