Friday, August 12, 2016

When Should You Refinance Your Mortgage

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When it comes to refinancing your mortgage, you need to determine the best possible plan and method of refinancing. At the St. Cloud Federal Credit Union, we can help you determine the most beneficial mortgage plan for you and your family.

What is Refinancing?

Refinancing a mortgage means paying off an existing loan and replacing it with a new one. Dependent on your financial situation, refinancing can save you money and give you flexibility. It can help shorten the term of your loan or help you build equity more efficiently.

When is the Best Time to Refinance?

People refinance their mortgage when you are buying a new home or property, financing a home addition, constructing a new home, or buying an investment property. People who wish to refinance their mortgages may also be looking for a lower interest rate, a shorter mortgage term, a fixed-rate mortgage (instead of an adjustable-rate mortgage), or debt consolidation.

The two most common types of refinancing include rate-and-term refinancing and cash-out financing. Understanding these two types of refinancing can help you determine if this is the best possible option for your finances. Learn more about the two most common types of refinancing in a blog by

How Can I Get More Answers about Refinancing? Is it the Best Option for Me?

The New Vanishing Mortgage program offered by the St. Cloud Federal Credit Union was established to benefit members who are approaching the completion of their mortgage and for those who may not have taken advantage of historically low rates due to fees and the hassle of applying. The Vanishing Mortgage program is also open to those who have refinanced but want even lower rates.

Personalized assistance from the Mortgage Department can help you build confidence in your mortgage and loan terms. For more information on refinancing your mortgage and the Vanishing Mortgage program, reach out to representatives from the Mortgage Department at the St. Cloud Federal Credit Union to see if you qualify and to see if you will benefit from refinancing.

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