Make your biggest investment pay off
Refinancing your mortgage is a way to potentially lower your interest rate and monthly mortgage payment.
Why refinance?
Lower your monthly payments
Refinancing at the right time and term may reduce your monthly payments and increase your cash flow.
Consolidate Debt
Consolidate high-interest debts into a single, more manageable monthly payment.
Make home improvements
Refinancing and using the equity in your home can be a low-cost option for covering high-cost home improvements.
Reduce the term
When you pay your loan off faster with a shorter term, you will reduce your interest payments and pay less overall.
Find the right refinancing loan for you
Get up to 90% loan to value with our two refinance options for your existing home loan:
15-Year Fixed-Rate Loan
Choose your own term, up to 15-years, at a low, fixed rate.
7-Year Balloon Loan
Your loan will be amortized over 30 years for a lower monthly payment. After 7 years, it will be time to refinance the remaining balance into a new loan.
Your loan will be underwritten and serviced by our employees and will never be sold to another institution. If you’re not sure about which option to choose, don’t worry! We’ll work with you to determine which option is best for you.
Current Rates
|
Term |
Rate |
Annual Percentage Rate |
|---|---|---|
|
Refinance your existing mortgage |
||
|
15 year |
6.625% – 8.75% |
6.941% – 9.087% |
|
7 year balloon |
7.25% – 8.875% |
7.450% –9.096% |
Should you Refinance?
When you refinance, there are refinancing costs that you should anticipate. Use our online calculator, that will tell you if the amount you save in interest will exceed these refinancing costs.
Refinance your home
Visit any of our branches:
Old Town: 221 NW 2nd Ave, Ste 100
Mississippi: 3904 N Mississippi Ave
Division: 3354 SE Division St
Frequently Asked Questions
Yes, this is what’s called a “cash-out refinance.” Cash-out refinance empowers you to pay off your existing mortgage(s) and also take out some of your home equity in a lump-sum cash payment at closing.
Because the way you’ve managed your finances in the past can help predict how you are likely to do so in the future, lenders will consider your credit rating when you apply for a mortgage or other loan. Your credit rating is the clearest reflection we can see of how you handle your finances. A higher credit score may help you qualify for better mortgage interest rates, and some lenders may lower their down payment requirement for a new home loan if you have a high credit score.
Disclosures
We cannot refinance or do equity loans on homes that are currently listed or have been listed for sale in the last 6 months.
NMLS# 477604