Refinancing your home loan with Transcend Credit Union could put your finances in a better place
There are many good reasons to refinance your mortgage loan. Interest rates may have dropped, your credit score may have improved, or you might want to tap into your home's equity and acquire extra cash for remodeling, traveling, educational costs, or something else. Our experienced lending team can look at your specific situation and help you decide what might work best.
- Wide range of repayment plans to fit your goals
- Competitive interest rates
- No closing costs options available
- No Private Mortgage Insurance (PMI) options available
- Manage your mortgage payments with Online Banking or our free mobile app
Reasons to Refinance
Is a mortgage refinance the same as a regular mortgage loan?
The home refinance loan replaces your current mortgage loan with a home loan with new rate, terms and monthly payment. It is nearly the same as a mortgage used to purchase a home, but refinancing may not take as long to get because you are already in the home that secures the loan. Some of the fees and costs that come with a purchase mortgage may be waived. But in most particulars, a refinance is an updated mortgage with possible changes to the interest rate and term.
Why might refinancing my mortgage be a good idea?
There are many good reasons to consider refinancing your mortgage with your credit union. These reasons may reflect changes in the general economy or in your own financial situation. If overall interest rates have dropped, you may be able to switch to a lower rate loan, saving money on interest charges and possibly reducing your monthly payment. Conversely, if your credit score has improved, you may qualify for a loan with a lower rate and the financial benefits that come with it.
If your financial situation has changed significantly, you may be looking toward reducing the amount of time you are paying on a mortgage (and all that interest) and want to switch to a shorter-term loan that will help you build up equity faster or eliminate your debt more quickly.
What positive outcomes could I see from a mortgage refinance?
If you are clear about your goals, refinancing may be a good step to get you there. Are you wanting a lower payment or are you wanting to pay off your mortgage sooner? Refinancing can also be a way to shift from an adjustable-rate loan to a fixed-rate mortgage and make long-term budgeting more predictable.
Many refinance home loans also offer a "cash-out" option, which allows you to take advantage of your home's equity and borrow more money than you have left on your current mortgage loan. Those extra funds can be used for anything, but using a cash-out refinancing option can provide you with the funds to make major repairs to your home without taking on a second mortgage.
- If overall interest rates have dropped, you may be able to switch to a lower rate loan, saving money on interest charges and reducing your monthly payment.
- If your credit score has improved, you may qualify for a loan with a lower rate and the financial benefits that come with it.
- If you have an adjustable-rate loan, you might want to lock in a fixed rate and make long-term budgeting more predictable.
- You might want to switch to a shorter term loan that will help you build up equity faster or eliminate your debt more quickly.
- You might prefer a "cash-out" option, which allows you to take advantage of your home's equity and borrow more money than you have left on your current loan. Those extra funds can be used for anything.
Transcend Credit Union and its employees who are Mortgage Loan Originators are registered in the Nationwide Mortgage Licensing System (NMLS). Their identification numbers are as follows:
| Transcend Credit Union 456634 | Carrie L. Schneidtmiller 874672 |
|---|---|
|
Shauna C. Woodruff
1673798
|
William James Schuhmann 1722838 |
| Matthew R. Holbrook 434710 |
Aferdita Stopher
1433107
|
| Aliani Viva Hernandez 1221053 | Dana Suell 476931 |
| Shana Arney 1233900 |
- Contact the Nationwide Mortgage Licensing System at nmlsconsumeraccess.org.
- For more information on home buying, go to MGIC for Homebuyers.
Minimum loan amount of $100,000. Loans must be for a primary residence, in first lien position. Borrower debt to income ratio may not exceed 38%. Lowest quoted rate requires a maximum loan to value (LTV) of 80%. Additional conditions and restrictions may apply. This is for our Transcend Zero is Your Hero Home Loan.
Minimum loan amount of $100,000. Loans must be for a primary residence, in first lien position. Borrower debt to income ratio may not exceed 38%. Cash out eligibility up to 80% loan to value. Additional conditions and restrictions may apply. This is for Transcend Retire Your Mortgage.
*APR= Annual Percentage Rate. APR does not include items such as prepaid interest, optional owner's title insurance, and optional escrow services, which could increase the effective APR. All loans subject to credit approval. Rates are based on evaluation of credit history, loan-to-value, and loan term, so your rate may differ. All rates, terms, and conditions are subject to change at any time without notice. Many of these programs carry discount points which may impact your rate. Other restrictions may apply. Payment example: $100,000 mortgage for a term of 360 months (30 years) at rate of 7.00% APR will result in a monthly payment of $665.31. Payments do not include amounts for taxes and insurance premiums and the monthly payment obligation will be greater if taxes and insurance are included, and an initial member deposit may be required if an escrow account for these items is established.
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