Life changes. Mortgages can too.
With Mortgage Refinancing, TEGFCU can help make your mortgage work better for you. Does your current mortgage no longer suit your financial needs? Is it costing you too much? Maybe you want to convert to a fixed-rate mortgage or shorten your home loan term. Let’s make sure your home loan gives you that same “home sweet home” feeling that your house does.
Refinancing your current mortgage loan can benefit you if your financial situation has changed or improved since your original purchase date. If you plan to be in your home long enough to benefit from the savings that a lower interest rate or payment could bring, paying off your current mortgage and getting a new loan to replace it can be worth it.
If you’re interested in seeing if TEGFCU can help you with refinancing your home, apply online to get started immediately or speak to one of our Mortgage Officers for assistance.
Why Refinance My Mortgage?
Refinancing a home loan with a lower mortgage rate can help reduce your monthly payments and your interest over the life of the loan. You may also be able to qualify for a better rate if your credit score has improved. TEGFCU offers flexible term lengths of up to 30 years and low interest rates, which helps shave off the excess on your home mortgage.
If you have a 30-year mortgage loan, you may want to refinance to a 15-year loan to pay it off quicker and save money on interest. That way, you can start paying off the principal sooner instead of dedicating monthly checks to interest payments.
Switching to a fixed-rate from an Adjustable-Rate Mortgage can be a good option if you want a rate that remains stable regardless of market fluctuations. Consider this option if interest rates are expected to rise or if you want to simplify your budget, knowing your payment will be the same each month
You can tap into your home’s equity and use the extra cash to pay off high-interest debt, fund a large purchase, or have easy access to cash when needed.
Conventional Mortgage & Refinance Rates
Mortgage Type | Rate | APR | Points |
---|---|---|---|
30 Year Fixed | 6.375% | 6.489% | 0.625% |
20 Year Fixed | 6.125% | 6.289% | 0.750% |
15 Year Fixed | 5.875% | 6.099% | 0.875% |
APR = Annual Percentage Rate. Rates effective as of 12/06/2024. All loans are subject to approval. APR assumes a $300,000 loan amount with escrows a FICO score of 760 or higher for a loan for an owner-occupied (primary residence), single-family dwelling in New York State with a loan-to-value ratio of 75% or less, and no cash-out.
For example, a 30-year, $300,000 conforming mortgage with a fixed APR of 6.489% has an approximate payment amount of $1,871.61. Real estate taxes, insurance, and private mortgage insurance (if applicable) are not included; therefore, the actual payment obligation will be greater. Your rate may vary based on your creditworthiness, loan amount, purpose, property type, occupancy, LTV, lock period, and other credit characteristics.
All rates and terms are subject to change without notice. No rate is guaranteed without a valid rate lock. A point is equal to 1% of the loan amount’s balance. Private mortgage insurance (PMI) is required on mortgages that exceed 75% loan-to-value (LTV). When refinancing, the maximum loan-to-value is 80% if you take cash out. Contact a TEG Mortgage Officer for further details. Other terms and conditions may apply.
Meet Our Mortgage Experts
Scott McNally
Mortgage Officer
NMLS# 1841508Jeffrey Shields
Mortgage Officer
NMLS# 1466211Matthew Bannan
SENIOR MORTGAGE OFFICER
NMLS# 404022Darren Dibenedetto
Senior Mortgage Officer
NMLS# 404038Jessica Schoen
Senior Mortgage Officer
NMLS# 22486Mortgage Refinance FAQs
Have additional questions? See our full list of Mortgage FAQs here.
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