Stay in your home — but change your rates!
Whether you have an existing GOLD Credit Union loan or one with another lender, we have options that may save you money. Refinancing your mortgage is a great way to lower your payments or pay off your mortgage faster. These are the most common reasons you may benefit from refinancing your home:
- Lower your monthly payments. You can pay less per month by locking in a lower rate or extending the term of your loan.
- Reduce your home's total cost. When interest rates fall, homeowners sometimes can swap their existing loan for another that has a significantly shorter term. Without much change to your monthly payment, you can save thousands in interest and pay off your home sooner.
- Take cash out. Access the equity in your home to cover major expenses*, such as home renovations or college tuition, or to consolidate debt.
*If you have short-term or minor expenses piling up, a Personal Loan or Personal Line of Credit (PLOC) may be just the solution you're looking for.
Is your mortgage still measuring up?
Your home is your most valuable asset, so you want to be careful when deciding when to refinance.
These conditions are signs that refinancing may be a financial move worth considering:
- Interest rates have dropped. If interest rates are dropping, it can be a great opportunity to lower your monthly payments or pay off your mortgage faster.
- Your credit score has gone up. We know you've worked hard to earn the highest credit score possible. Be rewarded with a lower rate that reflects your improved creditworthiness.
- You've increased your home's value. If you've completed major home renovations or otherwise increased the value of your home, refinancing will allow you to take advantage of that equity.
- You can drop your Private Mortgage Insurance, or PMI. To remove PMI, you must have at least 20 percent equity in your home. Refinancing can ensure the value you've built is assessed, helping you reach that benchmark sooner.
- You want to pay off your loan sooner. Switching from a 30-year to a 15-year loan can help you secure a lower rate and pay off your loan sooner.
Learn your other choices
Remember, traditional refinancing isn't your only option. A Home Equity Loan or Home Equity Line of Credit (HELOC) may get you a better rate and lower closing costs!
Let our Mortgage Consultant guide you through the refinancing process.
Call 1-800-641-5036, and our Mortgage Consultant will help find the best fit.