Mortgages designed for you

If you are looking to refinance your mortgage, Nusenda can help. Refinancing can provide you a one-time cash payment by tapping into your home's equity, or it can lower your monthly mortgage payment. To calculate what your refinance rate and payments could be, try our mortgage calculators, or schedule an appointment today to meet with one our mortgage loan officers.

Why refinance with Nusenda?

Refinancing is a smart option if you would like to lower your interest rate, shorten the life of your loan, or consolidate debt. Our experienced Mortgage Specialists can offer you competitive rates, local service, and fast underwriting.

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Mortgage Calculators

 

Compare different types of mortgages, payment options, terms and more with our helpful Mortgage Calculators.

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Attend our complimentary workshops and get hands-on assistance as you take steps toward purchasing a home.

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FAQs

What is mortgage refinancing?

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.

Why should I refinance my mortgage?

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%.

What are the different types of mortgage refinancing?

  • Rate-and-term refinance: Adjusts the interest rate or loan term but doesn’t change the loan amount.
  • Cash-out refinance: Replaces your existing mortgage with a larger one, and you receive the difference in cash to use for home improvements or other expenses.
  • Cash-in refinance: Pays down the principal balance to lower the loan amount and reduce your interest rate.
  • Streamline refinance: Offers an easier process for those with FHA or VA loans, requiring less documentation.

How I do know if I qualify for mortgage refinancing?

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

How much does it cost to refinance a mortgage?

Refinancing costs typically range from 2% to 3% of the loan amount. These costs can include application fees, appraisal fees, title insurance, and more.

How often can I refinance my mortgage?

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.

Can I refinance my mortgage with Nusenda if I have an existing mortgage with another lender?

Yes, you can refinance your mortgage with Nusenda Credit Union, even if your current mortgage is with another lender.

How long does the refinancing process take?

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

What are the current mortgage rates?

Mortgage refinance rates change based on market conditions. View current rates here or contact one of our mortgage loan officers who can provide personalized quotes.

Can you refinance a fixed-rate mortgage?

Yes, if you want to take advantage of lower rates or change your loan terms. Refinancing a fixed-rate mortgage allows you to secure better terms or switch to a loan that fits your unique financial situation. Your interest rate will be determined by different factors, such as your credit score. Use our refinance calculator to help you make an informed decision for your financial future.

How can I get started with the mortgage refinance process at Nusenda?

Yes, if you want to take advantage of lower rates or change your loan terms. Refinancing a fixed-rate mortgage allows you to secure better terms or switch to a loan that fits your unique financial situation. Your interest rate will be determined by different factors, such as your credit score. Use our refinance calculator to help you make an informed decision for your financial future.