Refinance Your Mortgage

Mortgage refinancing is replacing your current home loan with a new one, typically to take advantage of better terms, such as a lower interest rate, a different loan type, or an adjusted repayment period.

Refinancing can help you lower your interest rate, shorten the life of your loan, or consolidate debt. It’s a great choice if your financial situation has improved, interest rates have dropped, or if you want to switch from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage. Typically, refinancing is a financially informed decision when you can reduce your rate by at least 1% to 2%.

• Streamline refinance: Offers an easier process for those with FHA or VA loans, requiring less documentation.

To qualify for refinancing, lenders typically review your credit score, debt-to-income ratio, home equity, and payment history.

Refinancing costs typically range from 2% to 5% of the loan amount. These costs can include application fees, appraisal fees, title insurance, and more.

There is no limit to how many times you can refinance a mortgage. How soon you can refinance a mortgage depends on your financial situation and how long you’ve had your current loan. Most homeowners can refinance as soon as their current mortgage terms allow.

The refinancing process typically takes 30 to 45 days, depending on the complexity of your application and how quickly documents are submitted.

As a member, you can apply online or contact a Nusenda mortgage loan officer for more information. You can also check out our mortgage calculator to help you explore your options. Not a member? Become a member and enjoy the benefits today!