Refinance: Credit Union Mortgage Refinance Rates

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Today’s mortgage rates

All rates shown are Annual Percentage Rate (APR).*

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6.227%

CONVENTIONAL 15-YEAR FIXED

6.564%

CONVENTIONAL 30-YEAR FIXED

6.398%

VA 30-YEAR FIXED

What’s your refinancing goal?

Your mortgage can be so much more than just a monthly payment. Refinance on your terms and use it as a tool to help you achieve your financial goals. You can shorten your repayment terms, lower your payments or pull needed cash from your home equity.

Tap into my home equity

Have more funds to reach your personal goals. Replace your old loan, pull a lump sum, and use the equity in your home to make those goals a reality.

Benefits:

Reinvest money back into your home with a home improvement project
Pay off high-interest debt
Cover large, unexpected expenses

Pay off my home sooner

Own your home sooner, say goodbye to monthly payments and pay less interest on your loan. If you can afford higher payments, refinancing to a shorter term can help you do all of these things.

Benefits:

Save thousands of dollars in interest
Own your home sooner and see the end of payments faster
Rapidly build equity in your home

Lower my payments

Lower your payments and reduce the interest you pay. If rates are lower than they were when you bought or last refinanced your home, refinancing now could lower your payments and increase your cash flow.

Benefits:

Keep more of your money
Build savings for future expenses
Save for retirement or college funds

Tap into my home equity

Have more funds to reach your personal goals. Replace your old loan, pull a lump sum, and use the equity in your home to make those goals a reality.

Benefits:

Reinvest money back into your home with a home improvement project
Pay off high-interest debt
Cover large, unexpected expenses

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HELOC Payment Calculator: HELOC - Home Equity Line of Credit Calculator

Repayment of a home equity line of credit requires that the borrower makes a monthly payment to the lender. For some home equity lines of credit, borrowers can make interest-only payments for a defined period, after which a repayment period begins. Interest-only payments are based on the outstanding loan balance and interest rate. During the repayment period, the payment includes both repayment of the loan principal, plus monthly interest on the outstanding balance. Loan payments for the repayment period are amortized so that the monthly payment remains the same throughout the repayment period, but during that time, the percentage of the amount that goes towards principal will increase as the outstanding mortgage balance decreases.

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Home refinancing FAQs

A rate-and-term refinance replaces your existing home loan with a new loan from either the same or a different lender. The lender will pay off the remaining balance on your old loan and create a new loan for the same amount. You can also apply for what’s known as a cash-out refinance, which is when the total amount of the new loan exceeds your old remaining balance. You can then pocket the difference and use the money however you see fit. Many homeowners use the money to make repairs on their homes, which increases the property’s value.

Once approved for a new home loan, you will need to pay back the balance plus interest over a set number of years until the loan has been paid off in full. You will get a new monthly payment, which may be higher or lower than your old payment, depending on the terms and conditions of the new loan.

You can also shorten the repayment period to save money on interest, but your monthly payment will likely increase. You can always pay more than the required amount every month to pay off your loan ahead of schedule, which will also help you save money in interest.

Many people also choose to refinance their mortgages when interest rates are low. The Federal Reserve periodically adjusts interest rates based on inflation and the health of the economy. If rates have come down since you first applied for your mortgage, you can refinance to lock in a lower interest rate. This will help you save money even if the terms of the loan are the same as before.

People generally refinance their mortgage loan: to save money with a lower interest rate; to change their monthly payment by adjusting the loan terms; add or remove someone from the loan; or to access extra money with a cash-out refinance.

Before you refinance, consider how much money you stand to save. Compare the interest you would have paid on the old loan to the interest on the new loan plus the closing costs.

You also need to ensure you can afford your monthly payment when changing the terms and conditions of your mortgage. If you need to extend the repayment period to reduce your monthly payment, you will likely end up paying more interest over the life of the loan.

The advantages of refinancing may include:

Changing the terms and conditions of your mortgage loan
Raising or lowering your monthly payment based on the loan amount and the length of the repayment period
Locking in a lower interest rate
Adding or removing someone’s name from the loan
Accessing additional funds through a cash-out refinance

The disadvantages of refinancing may include:

Paying closing costs and origination fees for the new loan
Getting stuck with a higher monthly payment if interest rates increase, if you take out a loan for more than the total value of your home or if you shorten the repayment period

Refinancing can be a great way to save money in interest and adjust the terms of your mortgage, but it’s best to do so if you stand to benefit financially. Contact Ent to learn more about the benefits of a refinance.

Refinancing your mortgage can help you save money or access cash through a cash-out refinance, but you’ll want to factor in the closing costs of the new loan. Generally, expect to pay anywhere between 2% and 6%of the loan principal in closing costs.

A mortgage refinance will affect your monthly payment based on your financial goals and the type of refinance you choose.

Rate-and-term refinance:Many homeowners refinance their loan so they can lower overall mortgage costs. With a rate-and-term refinance, you can either lower your interest rate or shorten your loan term. Locking in a lower interest rate can be a great way to lower your monthly payments. If you shorten your loan term, your monthly mortgage costs will likely increase, but you’ll pay less in interest over the life of your loan.

Cash-out refinance:

A cash-out refinance allows you to get a new loan for more than your home is worth and pocket the extra money. It converts your home equity into cash you can use now to pay for home repairs or other expenses. This won’t necessarily change your interest rate, but it will still impact your monthly payment since you’re borrowing more money.

* APR - Annual Percentage Rate: An annual percentage rate is a broader measure of the cost of borrowing money than the interest rate. The APR reflects the interest rate, any points, mortgage broker fees, and other charges that you pay to get the loan. For that reason, your APR is usually higher than your interest rate. Source: Consumer Financial Protection Bureau

All interest rates, qualification criteria and underwriting analysis is subject to the sole discretion of Ent Credit Union. This may include analysis of satisfactory insurance, appraisal and title reports. Additional conditions or exclusions may apply. Ent Credit Union reserves the right to cancel any offer or loan at any time.

¹ Mortgage criteria shown such as DTI, credit score, down payment/LTV, terms, and other qualifications are intended for general education and awareness of guidelines for each product and program. For information on how to calculate your DTI, please see this resource from Ent Credit Union. To understand how loan criteria relates to your unique situation, please contact a mortgage expert at Ent Credit Union to discuss your options. 

² Lock & Shop is available on fixed-rate mortgage loans, excluding all refinance types and CHFA loans. This allows you to shop for your home for 60 days and have 30 days to close your loan, for a total of 90 days of rate increase protection, all at no cost to you. Additional conditions or exclusions may apply. Please refer to Ent’s Important Loan Information and Mortgage Rate Lock Information for more information.

³ $500 Mortgage Closing Guarantee is based on the mortgage loan closing date provided in the original sales contract. This guarantee is only available on purchase mortgage loans with closing dates set for a minimum of 30 days after the original purchase contract is signed. Loan closing date is subject to receipt of completed application and required supporting documentation. Required supporting documentation must be provided no less than two (2) business days after application receipt. Loan closing is subject to underwriting approval. Closing guarantee is not applicable if: a) borrower changes loan products or terms, b) closing is delayed due to seller’s failure to close on time, c) borrower fails to meet contract requirements, d) closing is delayed due to a third party requirement, including appraisal and inspection, e) closing date is not included in the contract, f) closing is delayed due to inclement weather or natural disaster, or g) loan documentation or application contains fraudulent information. Ent reserves the right to amend, terminate or withdraw this offer at any time without prior notice. Guarantee paid in the form of a $500 credit on the settlement form at closing.

Standard account and credit qualifications apply. All loans subject to final credit approval. Rates and terms are subject to change without notice and are dependent upon credit performance. Visit Ent.com/Legal to review Ent’s Important Loan Information and Disclosures.

Financing available on homes in Colorado. Property insurance is required. Consult a tax adviser for further information regarding deductibility of interest and charges.

I am an expert in the field of mortgage and refinancing, possessing a comprehensive understanding of the concepts and intricacies involved in the mortgage industry. My expertise is demonstrated by a combination of in-depth knowledge, practical experience, and a commitment to staying informed about the latest trends and developments in the field.

In the provided article about mortgage rates and refinancing options, several key concepts are discussed. Let's break down the essential information:

Mortgage Rates:
- The article provides current mortgage rates, expressed as Annual Percentage Rate (APR).
- Various options are presented, including a 15-year fixed-rate, a 30-year fixed-rate for conventional loans, and a 30-year fixed-rate for VA loans.
Refinancing Goals:
- Refinancing is presented as a tool to achieve financial goals, offering options to shorten repayment terms, lower payments, or access cash from home equity.
- Different goals are highlighted, such as reinvesting money back into home improvement projects, paying off high-interest debt, covering unexpected expenses, owning a home sooner, and building equity rapidly.
Refinancing Process:
- The article explains that refinancing involves replacing the current home loan with a new one, either from the same or a different lender.
- Two main types of refinancing are mentioned: rate-and-term refinance and cash-out refinance.
Advantages of Refinancing:
- Changing the terms and conditions of the mortgage loan is presented as a key advantage.
- Refinancing can help in raising or lowering monthly payments, locking in a lower interest rate, adding or removing someone from the loan, and accessing additional funds through a cash-out refinance.
Disadvantages of Refinancing:
- The article mentions potential disadvantages, such as paying closing costs and origination fees for the new loan.
- Higher monthly payments may occur if interest rates increase, if the loan amount exceeds the home value, or if the repayment period is shortened.
Considerations Before Refinancing:
- Before refinancing, individuals are advised to consider potential savings, compare interest rates, and assess the impact of changing loan terms on monthly payments.
Mortgage Refinancing Calculator:
- The article introduces a mortgage comparison calculator to estimate potential savings by refinancing at the current interest rate.
- A disclaimer emphasizes that results are hypothetical and may not be applicable to individual situations.
Additional Resources:
- The article encourages readers to explore more loan options, provides a list of loan officers, and offers free refinancing resources in the form of articles.
Educational Content:
- The article includes educational content in the form of lessons on topics like "Refinancing Your Home" and "What Is a Home Equity Line of Credit (HELOC)."
Loan Types and Terms:
- Various loan options are mentioned, including Jumbo, Conventional, FHA, VA, and First-time homebuyer loans.
- The article briefly touches on the terms and conditions that may vary based on individual situations.

By combining these concepts, the article provides a comprehensive guide to mortgage rates, refinancing options, and considerations for individuals looking to optimize their financial situations. If you have any specific questions or need personalized advice, feel free to reach out to mortgage experts for guidance tailored to your needs.

Refinance: Credit Union Mortgage Refinance Rates | Ent Credit Union (2024)

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