OnPath Credit Union
Helping You Get Favorable Terms in Mortgage Refinancing
Do you currently have a home loan? You could be missing out on more favorable terms. Let us show you how to refinance a home loan the right way.
Mortgage refinancing is an opportunity to improve your financial position. So, how can you tell if it’s right for you? First, you need to understand how the process works and what you stand to gain. If your creditworthiness has improved since you applied or if your home has grown in equity, a refinance may be a golden opportunity.
How Does Refinancing Work?
Once you sign the paperwork, you may think that you’re locked into a mortgage. However, you may have a chance to get a better deal later on. Refinancing allows you to transfer your remaining balance to another bank, take advantage of specials that weren’t previously available and change loan terms.
When you choose to have mortgage refinancing with a different financial institution, the new lender will pay off your previous mortgage as part of the transaction.
What Are the Benefits?
When you refinance with OnPath Federal Credit Union you can expect:
- Quick decision making
- No application fees
- Fast funding
If you partner with OnPath Federal Credit Union, you also get access to reliable customer support and knowledgeable specialists who can help you make decisions.
What Is the Application Process Like?
The mortgage refinancing application process begins with a consultation in which our loan officers inquire about your remaining mortgage balance, the approximate value of your property, current home insurance, and current income status, amongst other relevant financial information.
It’s important to note; once the application is put in, the loan officers need to look at your credit history, which can result in a hard hit on your credit. Having too many hard credit hits in a small space of time can negatively affect your credit score, so you should avoid applying for a refinance too soon after the original financing. Your loan terms may also bar you from seeking a refinance before 12 months have passed.
Why Should You Consider Refinancing?
There are several scenarios where refinancing can be advantageous:
- Consolidating debt
- Accessing equity
- Converting to a different type of interest rate
- Getting lower refinance rates
- Shortening the loan term
Why Choose Us?
At OnPath Federal Credit Union, we want to help our members get the best deals and take advantage of financial opportunities. To speak with one of our professionals, give us a call at 800-749-6193 or contact us online.
*APR = Annual Percentage Rate. Introductory rate as low as 1.99% APR reflects 36-month term, includes all discounts, and is based on applicant meeting certain criteria. Estimated payment is $39 per month, per $1,000 based on rate of 1.99% APR for 36 months.
Finance charges begin on the date the loan is made and interest accrues during the payment deferral period. First payment is due within 90 days of loan disbursal. Other terms and conditions may apply. Offer subject to change without notice. For more details, contact 504.733.7274 or 800.749.6193. Offer expires 5.31.20. Insured by the NCUA.
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