Advantages of refinancing
Refinancing your mortgage at a lower rate can help you reduce your monthly payment, lock in a fixed rate, or pay your home off sooner.
Get a lower interest rate
As interest rates have gone down, refinancing could save you money over the life of your loan. Refinancing is a great way to put a few hundred dollars back in your pocket each month.
Convert to a fixed-rate mortgage
If you have an adjustable rate mortgage (ARM), you may want to lock in a fixed-rate and have a predictable monthly payment. This is a good option if interest rates are expected to rise or if you're looking for stability for your budget.
Tap into your home’s equity with a cash-out refinance
If your home is valued higher than your current mortgage balance, you may decide that a cash-out refinance makes sense. You can use the cash to pay for renovations, consolidate debt or cover other big expenses such as college education.
Shorten the term of your loan
If you decide to pay off your mortgage sooner than your current terms, you could refinance for a shorter loan period . If you have a 30-year loan, you may want to refinance to a 15-year loan to save money on interest, build equity faster, and pay off your loan sooner.
Is now a good time to refinance my mortgage?
Use our mortgage refinance calculator to estimate potential savings and benefits of refinancing your home loan. Our team of home loan experts are here to help you with refinancing options.
Refinance with TwinStar Credit Union
All loans subject to credit approval. Rates, terms and conditions are subject to change and may vary based on creditworthiness, qualifications and collateral conditions. Mortgaged property must be located in Washington or Oregon state. Certain restrictions may apply. Contact a mortgage loan officer for more details. Equal housing opportunity lender.