Refinance Your Home Loan
We want to make sure your home loan gives U that same “home sweet home” feeling that your house does!
Put out the welcome mat for better home financing!
We strive to make your home loan work for U and your financial needs. Refinancing your current mortgage loan can be super beneficial to you and your wallet, especially if your financial situation has improved since your original purchase date.
The Details
If a home loan refinance sounds like something that can help U, please reach out to Me (us!) here at UMe! Our team will be happy to help set up a FREE pre-qualification appointment and get you going on the path to Savings-ville.*
Save money
A lower interest rate can mean a lower monthly payment. In other words, refinancing can mean more cha-ching** for U!
Tap into your equity
You can tap into your home’s equity and use the extra cash to pay off high-interest debt, fund a large purchase, or have easy access to cash when you need it.
Adjust your mortgage term
Save money on interest by refinancing to a shorter term. Not only can this save you money, it can help you get that mortgage monkey off your back faster. (Nothing against monkeys, though, we love them)
Lock in a fixed rate
If you have an Adjustable Rate Mortgage, you may be able to convert it to a fixed rate—which can keep you from any unexpected rate increases!
Rates
|
MORTGAGE TYPE |
RATE AS LOW AS |
APR |
MONTHLY PAYMENT1 |
|---|---|---|---|
|
Rates updated 4/08/2024. Rates subject to change daily. Rates and payments listed above are based on a rate and term refinance on an Single Family Residence, with a $500,000 loan amount, a 720 FICO score, a 60% LTV ratio, and <40% DTI ratio. Files are underwritten on a case by case basis. All applications are subject to credit, income, asset, and property approval. Payments listed are for principal and interest only. Tax and insurance impounds are available and are required on some scenarios. Adjustable rate mortgages (ARM’s) are variable interest rate loans. The rate and payment is subject to change during the term of the loan. Our 5/1 ARM, for example, has a total term of 30 years, with an introductory fixed rate period for 5 years, then converts to a variable rate mortgage for the remaining 25 years, adjusting once per year. Our 40 year 10/1 ARM has a total term of 40 years, with an introductory fixed rate period for 10 years, then converts to a variable rate mortgage for the remaining 30 years, adjusting once per year. Property insurance is required on all financed properties. Maximum loan limits apply. Additional programs and rates available, call for info. 1Payments listed are for principal and interest only. 2Adjustable rate mortgages (ARM’s) are variable interest rate loans. The rate and payment is subject to change during the term of the loan. Our 5/1 ARM, for example, has a total term of 30 years, with an introductory fixed rate period for 5 years, then converts to a variable rate mortgage for the remaining 25 years, adjusting once per year. Our 40 year 10/1 ARM has a total term of 40 years, with an introductory fixed-rate period for 10 years, then converts to a variable rate mortgage for the remaining 30 years, adjusting once per year. |
|||
|
MORTGAGE TYPE Conventional 30 year fixed |
RATE AS LOW AS 7.125% |
APR 7.253% |
MONTHLY PAYMENT1 $3,368.59 |
|
MORTGAGE TYPE Conventional 15 year fixed |
RATE AS LOW AS 6.500% |
APR 6.704% |
MONTHLY PAYMENT1 $4,355.54 |
|
MORTGAGE TYPE 5/1 ARM2 |
RATE AS LOW AS 6.500% |
APR 6.624% |
MONTHLY PAYMENT1 $3,160.34 |
|
MORTGAGE TYPE 40 year 10/1 ARM2 |
RATE AS LOW AS 6.875% |
APR 6.984% |
MONTHLY PAYMENT1 $3,061.86 |
|
MORTGAGE TYPE Bank income verification |
RATE AS LOW AS 7.000% |
APR 7.128% |
MONTHLY PAYMENT1 $3,326.51 |
|
MORTGAGE TYPE No seasoning on bankruptcies, foreclosures, or short sales |
RATE AS LOW AS 7.000% |
APR 7.128% |
MONTHLY PAYMENT1 $3,326.51 |
Ways to pay your loan
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Payroll Deduction
If you have a loan with the credit union, payroll deduction is a convenient way to have your loan payments automatically deducted from your paycheck.
To find out if you’re eligible for payroll deduction, contact your employer’s benefits department. If you already have payroll deduction set up with the credit union and want to set up automatic loan payments, call us at (818) 238-2900.
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Automatic Transfers
Automate transfer allow members to transfer funds within UMe accounts on a recurring schedule.
You can set up an automatic transfer to make your loan payment, so you won’t have to think about it each month.
To set up an automatic transfer, fill out our Share to Loan Transfer Form or give us a call at (818) 238-2900.
Home Loan Refinancing FAQs
Prequalification is an estimation of how much mortgage you can afford based on your income, monthly debt, credit history and assets.
Preapproval is a commitment from the credit union to finance your home using the same financial information, as well as credit reports. A preapproval includes the total amount of money available for your loan.
Mortgage points allow for interest to be pre-paid, resulting in a lower rate loan. Each point represents one (1) percent of your mortgage loan amount.
PMI is insurance which lenders require for homes financed at above 80% Loan to Value (LTV). If you purchase a home with less than 20% down, you’ll need to pay PMI. The cost is based on the LTV premium multiplied by the loan amount, divided by 12.
To calculate Loan to Value (LTV), divide the outstanding loan amount by the appraised value of the property or purchase price.
A preapproved mortgage loan is valid for up to 60 days. After that, we will need to complete a second evaluation of your current financial situation including employment status, deposits and property value.
Your first payment is usually due within 30 days of closing. The actual date will be listed in your closing documents.
The UMe Emu recommends purple!
Let's make home a little sweeter
Disclosures
*Savings-ville is not a real place. But UMe is, and we are located in Burbank. We specialize in saving our members money, so you can call us Savings-ville if you want.
**Cha-ching is one of our favorite ways for referring to money.