Lower your monthly payment.
Lock in a new rate with a fixed term.
Shorten your loan term and pay it off sooner.
Take out cash to pay off high-interest debt.1
Access your home's equity for improvements.
Explore removing Private Mortgage Insurance (PMI).
That means your loan won't be sold to a financial institution you don't know.
Feeling stuck in your space — or your mortgage? Whether you're considering a remodel, a move or a refinance, this guide helps you weigh the emotional and financial trade-offs. Explore how each option could impact your comfort, budget and long-term goals so you can make the best decision for your home and your future.
READ MOREThat depends on your current loan, interest rate and how long you plan to stay in your home. Even a small drop in your rate could lower your monthly payment or reduce the total interest you pay over the life of your mortgage. But refinancing also comes with costs, so it's important to compare your potential savings against the fees. A loan consultant can help you run the numbers and see what makes sense given your goals.
Refinancing comes with costs including appraisal, title and loan origination fees, typically totaling 2%-5% of your loan amount. In many cases, these costs can be rolled into the loan. A loan consultant can walk you through the details and help you understand what to expect based on your specific loan and situation.
How much you're saving each month and what you paid in fees will determine your break-even point. For example, if refinancing saves you $150 a month and costs $3,000, you'd break even in 20 months. After that, the savings are yours. If you're unsure how to calculate your break-even point, a loan consultant would be happy to help.
It depends on your home's current value and how much you still owe on your mortgage. In many cases, you may be able to borrow up to 80% of your home's value, minus your remaining loan balance. The exact amount can vary, so it's worth reviewing your numbers with a loan consultant who can walk you through your options.
On average, refinancing takes about 30 days from application to closing, though timelines can vary based on your loan type, documentation and appraisal. If you're on a tight schedule or just want to know what to expect, we can walk you through the steps and plan ahead.
Sharon and her husband Rick were hesitant to refinance their mortgage, worried that the upfront costs wouldn't be worth the savings. But she says SchoolsFirst FCU made the process simple from the start, answering every question with patience and transparency. Switching from a 30-year mortgage at 6.125% APR to a 15-year fixed at 4.00% APR raised the couple's payment by about $100, but cut 11 years off the loan.
Best of all, our service has made a lasting impression. Sharon says at SchoolsFirst FCU, it's the people who make the difference.
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Saturday, 9 a.m. – 3 p.m.
APR = Annual Percentage Rate. All loans subject to approval.
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Insurance products are offered through SchoolsFirst Insurance Services LLC subsidiary of SchoolsFirst Federal Credit Union. California Insurance License #0I19344. Insurance products are not NCUSIF insured and are not obligations of or guaranteed by the Credit Union. Insurance products are not available in all states. Purchasing an insurance product from SchoolsFirst Insurance Services is not required to originate a loan with SchoolsFirst FCU.
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