Skip to content
Home / Mortgage Refinance

Mortgage Refinance

TEGFCU Mortgages icon

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?

Take advantage of lower interest rates.

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.

Shorten the life of your loan.

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.

Convert to a fixed-rate mortgage.

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

Tap into your home’s equity.

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 TypeRateAPRPoints
30 Year Fixed6.375%6.526%1.000%
20 Year Fixed6.125%6.321%1.000%
15 Year Fixed6.125%6.351%0.875%

APR = Annual Percentage Rate. Rates effective as of 07/19/2024. 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 6.375% 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.

Jeffrey Shields headshot

Jeffrey Shields

Mortgage Officer

NMLS# 1466211
Jessica Schoen headshot

Jessica Schoen

Senior Mortgage Officer

NMLS# 22486
Scott McNally headshot

Scott McNally

Mortgage Officer

NMLS# 1841508

Matthew Bannan

SENIOR MORTGAGE OFFICER

NMLS# 404022

Darren Dibenedetto

Senior Mortgage Officer

NMLS# 404038
quote mark

Easy to deal with. Scott and the team at TEG were a pleasure to work with. They made my re-fi experience so easy and were extremely accommodating to our needs to especially when it came to the closing. I would highly recommend Scott and TEG for anyone needing a mortgage or looking to re-fi as I did.

Bill B.

quote mark

I started the refinance process with Jeffery in July, and I thought it would be an easy process, but my mortgage co. was a nightmare refusing to send needed letters, and documents or correct their misinformation. Jeffery stepped in to help me straighten out their mistakes. He never gave up when he was told that I couldn’t refinance for another three months. He was able to turn a no into a yes. If you want someone who will fight for you every step of the way, it’s Jeffery. If you want a knowledgeable person, it’s Jeffery. I closed in October with a much lower interest rate. Thank you.

Lilly N.

Mortgage Refinance FAQs

How soon can I refinance my mortgage?

You can refinance immediately after purchase. However, that may not be the best choice for your budget and lifestyle. Consider how long you plan on staying in the home and how long it will take to break even on the closing costs as you decide if refinancing is right for you.

When is refinancing not the right option?

If your Mortgage Refinance would cost you more than what you already owe or wouldn’t reduce your interest rate significantly, it might not be the best financial move now. Speak with one of our mortgage loan lenders for assistance with deciding on the best time to refinance.

What’s the best way to prepare for a home mortgage refinance?

Prepare yourself for refinancing by gathering important mortgage documents, saving extra money each month to cover closing costs and additional fees, and shopping around to find the best mortgage interest rates. TEGFCU offers competitively low interest rates on home loans and refinancing.

How much will it cost?

Since a refinance is essentially getting a new mortgage to replace your current one with a whole new set of closing costs, a typical refinance will cost about three to five percent of the loan’s principal.

Before proceeding with your refinance, you should work out how long it’ll take you to make up the closing costs you’ll have to pay for your refinanced mortgage. At a certain point, refinancing will pay for itself. That is the break-even point. To find your break-even point, divide the mortgage closing costs by the monthly savings from the new terms.

For instance, if you pay $3,500 in closing costs and save $200 monthly through refinancing, you’ll break even after 17.5 months. If you don’t plan on staying in your home for that long or you can’t afford to wait until then to recoup your losses, refinancing may not make sense for you.

Have additional questions? See our full list of Mortgage FAQs here.

Have additional questions? See our full list of Mortgage FAQs here.

Find helpful articles, tools, and other great resources to help you with your homebuying journey.

Apply for a TEGFCU Mortgage

To apply for a mortgage, you must either be a current member or become a member before closing. Membership is open to anyone (and their immediate families) who lives, works, worships, or attends school in Dutchess, Orange, Ulster, Putnam, Rockland, Sullivan, and Westchester County, NY with an initial $5 deposit, as well as Members of the Dutchess County SPCA or Child Care Council of Dutchess and Putnam Inc which are headquartered in our field of membership. Also, if you are purchasing a primary residence in one of these counties you are eligible for membership.

Apply for a TEGFCU Mortgage

To apply for a mortgage, you must either be a current member or become a member before closing. Membership is open to anyone (and their immediate families) who lives, works, worships, or attends school in Dutchess, Orange, Ulster, Putnam, Rockland, Sullivan, and Westchester County, NY with an initial $5 deposit, as well as Members of the Dutchess County SPCA or Child Care Council of Dutchess and Putnam Inc which are headquartered in our field of membership. Also, if you are purchasing a primary residence in one of these counties you are eligible for membership.

We Do Business in Accordance with Federal Fair Lending Laws – Fair Housing Poster.

Home Mortgage Disclosure Act Notice – The HMDA data about our residential mortgage lending are available for review. The data show: Geographic distribution of loans and applications Ethnicity, race, sex, and income of applicants and borrowers Information about loan approvals and denials. HMDA data for many other financial institutions are also available online. For more information, visit the Consumer Financial Protection Bureau’s website.

You are now leaving TEG Federal Credit Union

Modal called incorrectly.