Home Loans
RBFCU can help you secure a low-rate home mortgage with favorable terms through our partnership with the Huntington Mortgage Group.
Existing homeowners can benefit by refinancing their existing loan with RBFCU. We'll help determine if refinancing is right for you. If so, you could wind up with a significantly reduced monthly payment.
- Summary
- Competitive rates
- Flexible options
- Cash-out refinancing available
- Mortgage tailored to your needs
- Personalized service
- Smooth, streamlined closing
- Excellent refinancing options
- Refinancing
Refinancing could be right for you if you are looking to reduce your monthly payments, shorten the length of your loan, convert equity to cash, or convert an ARM to a fixed rate.
There are times to refinance, and times not to refinance. If the current value of your home has increased or if rates have dropped significantly since your mortgage, refinancing may be a good idea.
If you financed your original mortgage with a different lender, odds are RBFCU can provide a lower rate. As a not-for-profit credit union, part of our mission statement is to provide members with lower-rate loans.
In addition to saving money, refinancing is a way to utilize your equity without selling your house. You can convert that equity into cash for home improvements, debt consolidation, paying for college, financing a vacation home, or just about anything.
How much will it cost?
Keep in mind there are closing costs associated with refinancing. These costs can be rolled into the mortgage, but that means you are adding to the principal.
To determine if you will be better off refinancing for the long-term, determine how much you will save per month by refinancing. Calculate how many months it will take, based on these savings, to equal the closing costs. That is your break even point. If you will be in the home at least that long, you come out on top.
Come talk to a personal RBFCU refinance expert; we'll help walk you through the process from beginning to end.
