Mortgage Refinancing
Align your borrowing needs with your changing homeownership goals. Refinancing can help you lower your monthly payments, get a better rate, or free up cash for home projects, debt consolidation, college tuition, or other needs.
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Refinance Your Home Loan with OUCU
Financial circumstances change, but your home remains your biggest asset. Make sure you are getting the most out of it by refinancing your home loan with OUCU Financial.
- Great mortgage refinancing rates
- Generous loan-to-value financing
- Local decision making
- Rapid turnaround times
Apply now or check out our generous rates by clicking below. Or, schedule an appointment to meet with us virtually, in person, or by phone.
We’ll help you every step of the way.
Benefits of Home Loan Refinancing
So why would you consider refinancing your home? Home loan refinancing offers homeowners various benefits, including better rates, lower monthly payments, and faster equity buildup.
Get A Better Home Loan Rate
If your credit score has improved in the last few years or if interest rates have dropped, refinancing will allow you to get a lower mortgage interest rate. Also, if your current loan is an adjustable-rate mortgage (ARM), you can lock in a stable rate with a fixed-rate mortgage instead.
Reduce Your Monthly Payment
Finances change; 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 offer you a more affordable monthly payment.
If you’re currently paying mortgage insurance each month, a rate and term refinance 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 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 more than you currently need for your home. This can cover high-interest debts, replace them with a more affordable rate, and simplify your monthly bills.
Save Money
If you refinance to lower your interest rate, remove mortgage insurance, or pay off your loan sooner, you’ll save money over the life of the loan, freeing up those extra funds for other things.
When to Refinance Your Home Loan
If your life situation has changed in the last few years, you may want to consider refinancing your mortgage.
You Are Earning a 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, you might be able to afford the higher monthly payment with a shorter loan term.
Your Credit Has Improved
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, allowing you to reduce your monthly payments and pay less interest overall to your mortgage lender over the loan term.
You are Experiencing Financial Hardship
Life happens. If you find yourself with limited funds or sudden expenses to pay, it may help to refinance your existing loan. 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.
Your Family Situation Has Changed
If your family situation has changed recently and you 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.
