Refinance Your Mortgage
Lower your payment, shorten your term, or both!
Are you looking to lower your mortgage payments? Let our experienced staff see if refinancing your mortgage can help you reduce monthly payments, eliminate debt faster, or free up cash for other uses.
What is Refinancing?
Your mortgage may be one of the biggest and most important investments you make in your entire life – and it can also help you reach your future financial goals. A mortgage refinance can be a wonderful tool to help you reach those goals sooner.
Refinancing can allow you to change the terms of your mortgage to secure a lower monthly payment, switch your loan terms, consolidate debt or even take some cash from your home’s equity to put toward bills or renovations.
Types of Refinancing Loans
- Rate-and-Term Refinance – lets homeowners change their existing loan’s interest rate, term or both.
- Cash-Out Refinance - to take advantage of the equity in your home
- Home Equity Line of Credit (HELOC) – a revolving line of credit secured by your home to use for large expenses or to consolidate higher-interest rate debt from other loans.
Key Features of Refinancing
- Pay off your existing mortgage and replace it with a new one, usually to secure a better interest rate or term
- Refinance to a better rate to reduce your monthly mortgage payment
- Refinance to a new shorter-term loan to build equity faster
- Tap into your home’s equity and receive a one-time cash payment during refinancing
- Refinance to fixed-rate or adjustable-rate mortgage or an FHA or VA loan
Calculate Your Monthly Savings
How do I know if refinancing my mortgage makes sense?
It’s possible that you could lower your interest rate or reduce the amount of time left to pay off your loan. Refinancing can also be a helpful tool for home improvement or debt consolidation because you can get a one-time cash payment during the refinancing process.
To determine if refinancing makes sense to you, compare your current mortgage rate and term to IFCU's rates and terms.
What documents do I need to refinance my mortgage?
You may need the following to refinance your mortgage:
• Copy of your Drivers License
• Proof of income - typically 1 - 2 months of paystubs
• At least 1 year of W2s
• Acceptable debt-to-income-ratio (DTI)
Possible additional financial verification:
• Self-employment income (2 years of tax returns)
• Current debts information (auto, alimony, credit card, etc.)
What happens during the mortgage refinance process?
You can make an appointment with one of IFCU's mortgage specialist, or call us at 1-888-564-4328 to get started by phone. When you apply, have ready your government-issued ID (driver’s license, state ID, or passport) and estimates of your household income, assets, home value and price you paid for your home.
We’ll review documentation that we'll need from you. We’ll also answer any questions you may have.
Application Review & Approval
Once you have supplied your documents, your loan will be reviewed by an underwriter. After the underwriter review, your IFCU Mortgage Loan Originator and Loan Processor will work together to obtain any further documentation that is needed to close your loan, including the appraisal and title work.
Once your loan has received final approval, your closing will be scheduled at a location convenient for you. That's it — your mortgage is complete! Application to closing takes an average of 30 days.
What fees and closing costs should I expect?
The specific amount of your closing costs will vary. A home loan often involves many fees, such as the appraisal fee, title charges, closing fees, and state or local taxes. These fees vary from state to state and also from lender to lender. Your IFCU Mortgage Loan Originator will review all costs with you based on your specific loan amount, purchase price, and home value.
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