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Refinance Your Home

Q: What does it mean to refinance your home with Royal Credit Union?

Refinancing means replacing your existing mortgage with a new mortgage loan. The new loan pays off the current mortgage and may provide a lower interest rate, different repayment terms, or other financial benefits. Royal Credit Union's mortgage experts can help determine whether refinancing aligns with your financial goals.

Q: Why should I consider refinancing my mortgage?

Homeowners may refinance to take advantage of lower interest rates, change loan terms, reduce monthly payments, pay off a mortgage faster, or access home equity. Refinancing can provide flexibility and potential long-term savings depending on your financial situation.

Q: Can I pay off my home faster by refinancing?

Yes. Refinancing to a shorter loan term, such as moving from a 30-year mortgage to a 15-year mortgage, can help you build equity faster and reduce the total amount of interest paid over the life of the loan. Refinancing can also be used to switch between adjustable-rate and fixed-rate mortgages.

Q: Can I get cash out of my home when I refinance?

Yes. If you have sufficient equity in your home, a cash-out refinance may allow you to replace your current mortgage with a larger loan and receive the difference in cash. Homeowners often use cash-out refinancing for home improvements, debt consolidation, or other major expenses.

Q: Are there any costs associated with refinancing?

Yes. Refinancing typically involves closing costs and other loan-related expenses. While refinancing may create long-term savings through lower rates or improved loan terms, it is important to compare potential savings against the upfront costs. Royal's refinance calculator can help estimate whether refinancing may be beneficial.

Refinancing your home at a better rate could save you big money in the long run

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The mortgage experts at Royal Credit Union can help you save money by refinancing! Refinancing lets you replace your old home loan with a new mortgage. You can see substantial savings over time if the new loan has a lower interest rate or better repayment terms.

Why Refinance?

You could save money by refinancing! When you refinance, it's your chance to take advantage of lower interest rates, change your repayment terms, or get cash out of your home.

Lower Your Interest Rate. The most popular reason to refinance is to take advantage of a lower interest rate. A new loan with a lower rate could reduce your monthly payment and save you thousands over the long term. You could also be eligible for a new lower interest rate if your credit score has improved over time.
Pay Off Your Loan Faster. Switching to a shorter loan term can help you pay off your home quicker, and you'll pay less interest. Refinancing can also be used to convert an adjustable-rate mortgage to a fixed-rate mortgage or the opposite.
Get Cash Out Of Your Home. If you have equity in your home, a new loan could let you take cash out to make home improvements, consolidate debt, or pay off big expenses.

Frequently Asked Questions

What does it mean to refinance your home with Royal Credit Union?
Refinancing is essentially taking out a new mortgage that pays off your existing mortgage. You may see savings over time if the new mortgage loan has a lower interest rate or better repayment terms. Royal Credit Union's mortgage experts are available to guide you through the process and help you determine if refinancing makes sense for your financial goals.

Why should I consider refinancing my mortgage?
There are several reasons to refinance with Royal Credit Union. When you refinance, it's your chance to take advantage of lower interest rates, change your repayment terms, or get cash out of your home. Whether you want to lower your monthly payment, pay off your home faster, or access equity for a large expense, refinancing can offer flexible options to help you save.

Can I pay off my home faster by refinancing?
Switching to a shorter loan term can help you pay off your home quicker since you might pay less interest. Refinancing can also be used to convert an adjustable-rate mortgage to a fixed-rate mortgage or the opposite. For example, moving from a 30-year term to a 15-year term builds equity faster and reduces the total interest paid.

Can I get cash out of my home when I refinance?
If you have equity in your home, a new loan could let you take cash out to make home improvements, consolidate debt, or pay off big expenses. A cash-out refinance replaces your current mortgage with a larger loan, and you receive the difference as cash. Talk to Royal's mortgage team to explore whether this option fits your needs.

Are there any costs associated with refinancing?
Refinancing might cost you in the short term due to closing costs on the new loan, but the savings can add up over time. Royal’s refinance calculator can help you estimate your potential savings and compare them against the upfront costs of refinancing.

Refinance With Royal Credit Union

See how Kesinee, a Royal Credit Union Member, was able to reach her goals by refinancing!

Use Our Refinance Calculator

Use our refinance calculator to see your potential savings from a lower interest rate or shorter repayment term. Refinancing might cost you in the short term due to closing costs on the new loan, but the savings can add up over time. If you're not sure if refinancing is right for you, connect with our mortgage team to explore your options and maximize any savings. Then apply online!