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Ready to refinance?
Find answers and get started today!
We have refinancing options that may save you some money. Our experienced team can help you make the process of refinancing simple and easy.
A few reasons to refinance:
Stability of a Fixed Rate
Many people who are in an adjustable-rate mortgage refinance into a fixed-rate mortgage so that you can have peace of mind and the ability to plan for and budget a monthly payment.
Lower Monthly Payment
Refinancing your mortgage could lower your monthly mortgage payment. In some cases, refinancing could save you a lot of money in interest payments.
Cash-Out Home Equity
Depending on what you are trying to achieve, cash-out refinance could be a good solution for you if you are looking to use your home’s equity to make improvements or pay for other types of expenses.
Depending on what your goals are, you may be able to consolidate your existing home equity with your purchase mortgage. This will allow you to move into a single mortgage product when you refinance.
Is refinancing easy?
Basically, when you choose to refinance, you are paying off your existing mortgage loan and taking out a new mortgage loan. Although the process for refinancing is similar to the process when you originally took out your mortgage loan, there are several differences. In general, refinancing can be an easier process because you do not have to find a property, negotiate a sales price, etc.
Here are the basic documents you will need for a refinance:
- W-2 Forms for prior two years and most recent pay stub
- If self-employed: last two years personal and business tax returns including all schedules
- Full asset statements for the last two months - this includes checking, saving, TSP, IRA, most recent quarterly 401k and investment statements for all borrowers (please indicate if any of these accounts are with People’s Credit Union)
- Pension and/or Social Security Award Letter (if applicable)
- Copy of current Mortgage Statement(s)
- Copy of Homeowner’s Insurance Declaration Page
- Copy of current Real Estate Tax Bill
What if you are not sure if refinancing is right for you?
Call a Mortgage Loan Officer today so we can talk about your goals and find a solution that meets your needs!
TruStage™ Home Insurance Program
Home Insurance Program is exclusively for credit union members like you. The TruStage Home Insurance Program provides affordable top-quality protection for your home. This valuable coverage can help you protect your family's home and personal belongings. You'll also have access to outstanding online and 24/7 claim services. Get your free quote today or call 1.855.483.2149.
TruStage™ Home Insurance program is offered by TruStage Insurance Agency, LLC and is issued by leading insurance companies. Discounts are not available in all states and discounts vary by state. The insurance offered is not a deposit and is not federally insured. This coverage is not sold or guaranteed by your credit union.