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Refinancing Your Mortgage
Record low interest rates may have you thinking about refinancing your existing mortgage. While the current rates are attractive, the decision to refinance your mortgage will depend upon on many factors and require some advance preparation to help you make the best choice for you. Use our helpful online calculators to make the decision process easier!
Closing Costs
Refinancing involves paying closing costs because you’re obtaining a new loan. As a result, you will have to pay many of the same fees you paid when you purchased the home. However, if you have sufficient equity in your home, you may able to roll a large portion of the closing costs into the new loan. In addition, NWFCU requires an application deposit of $400.00 to cover some of the upfront costs incurred. These fees are not refundable and cannot be rolled into the new loan. Use our online calculators to estimate the closing costs associated with your refinance.
Property Values and Equity
In order to be eligible to refinance, you must have sufficient equity in your property. Equity is the difference between what your property is worth and the amount you owe on the existing mortgage. The value of your home and more importantly, your equity in the property, will play a big part in your refinance decision.
Additional refinance options requiring less equity may be available, depending on the investor who currently owns your loan. Click here to do an investor look up on your property.
Thank You for Your Patience
We are currently experiencing a high volume of applications and we thank you for your patience.
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