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Should You Consider Refinancing Your Mortgage?

Your mortgage loan should support your current financial goals, not just the goals you had when you purchased your home. Refinancing may be worth considering if your situation has changed.

You may benefit from refinancing if you:

  • Can secure a lower interest rate, which could potentially lower your monthly payment and the overall interest paid over the life of the loan.
  • Want to change the term of your loan, whether that is paying off your mortgage faster with a shorter term or lowering your payment with a longer term.
  • Need access to your home’s equity for renovations, debt consolidation, education expenses, or other major financial goals.
  • Have an adjustable-rate mortgage (ARM) and want the stability of a fixed-rate loan.
  • Have improved your credit score, which may help you qualify for a better interest rate or loan terms.
  • Want to eliminate private mortgage insurance (PMI) if you’ve built enough equity in your home.

Every homeowner’s situation is different. Reviewing your mortgage periodically can help ensure your loan continues to meet your current financial needs and your long-term goals.

For more information on ECU mortgage loans and to see if a refinance is right for you, visit ecu.org/mortgage or call 800-999-2328.