What do you want out of your mortgage refinance?
I want to refinance my mortgage for a lower monthly payment.
Are rates lower now then when you bought your home? When you refinance to a lower rate and keep the same loan term, you may lower your monthly mortgage payment. You could also lower your monthly payment by refinancing to a longer mortgage term which stretches your payment over more years.
You could even refinance to remove private mortgage insurance, or PMI. Perhaps you've done some remodeling since you initially took out the loan. If an appraisal determines that your home is now worth more and the loan-to-value, or LTV, is less than 80%, then you may be able to remove PMI.*
We lend up to 95% LTV on primary homes, 90% LTV on secondary homes, and 75% LTV on investment properties.1
I want to shorten my mortgage term.
Refinancing your mortgage to a shorter term may save you money on interest. Not only can you reduce your term, but oftentimes you may qualify for a better interest rate.
You could save a significant amount of money on interest over the life of the loan by reducing the length of your term. For instance, say you have a $250,000 30-year fixed-rate loan with a 4% interest rate. Even if you refinanced at the same interest rate for a 20-year term, you'd save approximately $67,000 in interest.2
Though shortening your loan term may increase your monthly payment, you can pay down your loan balance faster.
We lend up to 95% LTV on primary homes, 90% LTV on secondary homes, and 75% LTV on investment properties.
I want to use my home's equity for a cash-out refinance.
A cash-out refinance replaces your existing mortgage with a new one for a larger amount. The difference goes to you in tax-free cash to spend on anything you choose. The money could be used to pay off debt or finance home improvements. Because mortgage interest rates are oftentimes lower than other loan rates, it's a popular option to get the cash you need at a low rate.
We lend up to 80% LTV on primary and secondary homes and 75% LTV on investment properties.
Get help with a mortgage refinance.
Refinancing your mortgage is a good idea if you:
- Want a lower interest rate
- Want to shorten the term (length) of your mortgage
- Want to switch from one mortgage type to another (i.e. Federal Housing Administration (FHA) to a conventional fixed-rate mortgage)
You can. If you refinance with a cash-out refinance, you can take out some of your home’s equity as a cash payment at closing.
PMI will drop automatically at 78% LTV, but may be requested in writing once your loan hits 80% LTV from the original value.
Homeowners insurance required. Single-Family homes only in Illinois. Does not include 2-4 flat or apartment complex financing. Max Loan to Value (LTV) is 85% for Purchase, 75% Refinance or Cash-out Refinance for up to four properties. Other restrictions apply to more than four financed properties. Closing fees may apply for certain counties. Consult a tax adviser regarding deductibility of interest. Must be a Member in good standing. Other restrictions may apply.
We cannot and do not guarantee payment examples applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.