Mortgage Refinance
Ready to Take Control of your Financial Future?
Explore the possibilities of refinancing your mortgage with Heritage Valley FCU.
The Refinance That’s Refreshingly Easy
Refinancing your home means trading your current mortgage for a new one with a different principal and interest rate.
Why refinance?
- Change your loan term to save on interest. You can shorten the length of your loan to get a better interest rate. You'll be paying more each month, but end up saving more in the long run.
- Lower your interest rate. Rates are always changing, refinancing when rates are low is a great way to save.
- Change your loan type. You may have started with an adjustable-rate mortgage or an FHA loan, but you can refinance to a fixed-rate or conventional loan.
- Refinance to remove or add someone to the mortgage.
Other Home Loan Options Offered by Heritage Valley FCU
Cash-Out Refinance
Use the equity in your home to get cash-out when you refinance your mortgage.
How does it work?
You refinance your home for more than what you currently owe on your mortgage, and you get a lump sum cashed out to you at closing. The amount of cash you can get back depends upon your home equity.
For example, if your home is valued at $200,000 and your mortgage balance is $100,000, you have $100,000 in equity. You can refinance your home for $150,000, and get $50,000 cash.
Why choose cash-out refinance?
- You only have to worry about one loan payment, whereas other ways of tapping into your equity may require a second mortgage.
- Get more with cash-out. You can borrow more than you typically can with a personal loan. This can help with major expenses like debt consolidation, college tuition, or home repair, without adding a new loan.
- You could lower your interest rate. This is the cherry on top of an already sweet deal, but shouldn’t be the only reason to consider a cash-out refinance.
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