Choose from our easy to use calculators to plan for your mortgage refinance.
Frequently asked questions and answers to help manage and plan for your mortgage.
A refinance replaces your current mortgage. There are several reasons you may consider refinancing your home. You may be able to lower your interest rate, reduce your payments, change the term of your loan term, or even tap into the equity of your home.
Plan on up to 60 days to close on your new mortgage. Keep in mind that things like your appraisal or a delay in providing necessary documentation may slow down the process.
A cash out refinance allows you to tap into the equity in your home. After you close, you’ll receive a check for the difference between your current mortgage payoff + closing costs and your loan amount. A rate and term refinance changes your interest rate and/or the term (length) of your mortgage, typically loan amount remains the same unless you wish to roll closing costs in.
A refinance may change your monthly payments, though every situation is different. Depending on the purpose of your refinance – lowering your interest rate, changing your term, cash-out refinance – your payments may decrease, increase, or stay largely the same. Utilize our DCU refinance calculator or schedule an appointment to speak with one of our experienced Loan Originators
In general, you can expect to pay 2-5% of your loan balance in closing costs. Speak with your Loan Originator for more details. You may be able to roll your closing costs into your loan amount, so no amount is due at the closing table. The amount will vary depending on escrow, taxes, insurance, pre-paid interest or if you pay points to buy down your interest rate.
Ready to apply or need assistance? Contact a Mortgage Loan Originator for help completing an application.
MANAGING YOUR MONEY ANYWHERE AND AT ANY TIME WITHOUT VISITING A BRANCH.
On Balances Up to and Including $100,000.
Rate is subject to change after consummation.
$0.00 Annual Fee