FAQ

Can reducing my payments to one per month really save me money?

Yes. Many people refinance to reduce their monthly payments to as low as one! One monthly payment gives you the ability to better manage your overall debt. Over and over again we see homeowners who pay off their credit cards, loans and other outstanding bills relieving that constant source of frustration and anxiety. Often, by reducing your monthly payment to a single figure, you are better able to budget and gauge your monthly spending habits. We can help by working with you to achieve this new financial freedom. And it doesn’t hurt to gain a tax deduction on your monthly bills. A professional tax advisor can explain to you all the advantages of using your home as a way of paying less income tax. Let us help start that conversation.

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Searching for a way to meet your monthly bills?

Your search may be over. Approximately 80% or more of our loans begin with some type of bill consolidation as part of the transaction. Many people are so surprised when they find out how easy it is to reduce the number and amount of their monthly bills that they wonder why they waited so long to try. We can also work with you on a budget program to help you avoid these frustrating situations in the future.

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Unhappy with your current mortgage provider?

Time and again we hear from our customers that they want to refinance simply because they are not receiving the attention and service they want from their current mortgage holder. We realize the importance of good customer relations and do everything in our power to make our clients appreciate us.

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Are you interested in accessing your home's equity as part of a refinance?

You would be surprised how many mortgage companies limit what you can do with your own home's equity! We would prefer to hear about your needs, directly from you, before we impose any limits. As the value of your home’s equity grows, you should be able to take advantage of this when needs arise. If you currently have an FHA, VA or Conventional loan, we can cut through the red tape quickly to help you refinance your loan.

Our programs are among the most popular and flexible in the industry. Our goal is to help you understand how to best use your home mortgage as a financial tool to achieve your needs...and your dreams!

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What should I be thinking about before beginning the refinance process?

Before you refinance your mortgage, it's important that you’re as comfortable as possible with the process. You may find that gathering some of the information below is useful in preparing for financing.

• Get an idea of your home's current value by seeing what homes are selling for in your area. This will help you estimate the amount of equity currently in your home before a formal appraisal is performed.
• Review your credit report online and make sure all the entries are accurate. If anything is not correct or unclear, request a correction immediately.
• Collect all documentation you might need, such as recent mortgage statements and tax documents.

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There are so many loan types, how can I better understand them?

A Mortgage Resource Center Counselor will be happy to speak with you about the loan type that best fits you and your family. Also, be sure to visit the Loan Types section to see brief descriptions of the types of loans we offer.

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How much will I have to pay at closing for a refinance?

Refinancing has the same types of closing costs as your initial loan. Every lender is required to provide you with a Good Faith Estimate of these costs. Typically your closing costs are included in the total loan amount so you won’t be expected to pay these fees out of pocket.

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I have many more questions, how can I get them answered?

At your credit union's Mortgage Resource Center, we understand that a mortgage is a huge life decision, and you would like it to be an informed one. If you have any questions, please call one of our mortgage representatives at 1-800-717-0582.