Wednesday, August 27, 2008

Should I Refinance My Home Mortgage?

By Jeanne S. Kearly, Mortgage Supervisor

Did you know that Mortgage rates are still very low? Now would be a great time conduct a "Mortgage Check-Up” because you could possibly save money by refinancing. It is important to periodically review your mortgage to determine if it still fits your current financial situation. Remember to contact the credit union if you have any questions about your options even if you didn’t get your Mortgage from us.
    5 Factors to Consider about Refinancing
  1. Are interest rates lower than what I currently have?
  2. Is my payment changing due to an adjustable rate mortgage?
  3. Is my home value appreciating?
  4. Am I having trouble making my payments?
  5. Do I have a second mortgage?
    5 Reasons to Refinance your Mortgage
  1. Lower your monthly payment
  2. Switch from an Adjustable Rate Mortgage (ARM) to a Fixed Rate loan
  3. Free up tax deductible cash for debt consolidation, home improvements, college expenses, etc.
  4. Eliminate your Private Mortgage Insurance payment
  5. Build Equity by shortening your term and save thousands in finance charges
Keep in mind that each person’s mortgage needs are unique and we can help you select the best option. We have several mortgage programs available to fit any need. Do not hesitate to call our Mortgage Department to answer any questions that you may have about your existing mortgage or to discuss refinancing.