Mortgage Refinance Loans
Give your budget some breathing room with a smarter, more affordable mortgage. Refinance your home loan to lock in a lower rate or more favorable terms that better fit your financial goals.
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Mortgage Refinance Benefits
Competitive Rates
With our low rates, you may be able to lower your monthly payment or save on interest charges.
Fixed- or Adjustable-Rate Mortgages
Lock in your rate for your full loan term or opt for lower payments up front —the choice is yours!
Local Underwriting and Processing
Choose the #1 mortgage lender in the area. Have your loan processed by people who know you.
Terms Tailored to Your Needs
We’ll provide loan options that suit your situation today and support your dreams for tomorrow.
Competitive Rates
With our low rates, you may be able to lower your monthly payment or save on interest charges.
Fixed- or Adjustable-Rate Mortgages
Lock in your rate for your full loan term or opt for lower payments up front —the choice is yours!
Local Underwriting and Processing
Choose the #1 mortgage lender in the area. Have your loan processed by people who know you.
Terms Tailored to Your Needs
We’ll provide loan options that suit your situation today and support your dreams for tomorrow.
We’ll Cover Your Appraisal Costs
We’re making homeownership easier for all of us! We’ll cover your entire home appraisal fee, saving you over $600. Here’s how it works:
- Purchase transaction resulting in new money to TVFCU in the amount of $25,000 or greater.
- Refinance of a mortgage with another institution, resulting in new money to TVFCU in the amount of $25,000 or greater.
- Refinance of an existing TVFCU mortgage, resulting in new money to TVFCU in the amount of $25,000 or greater.
- Offer valid as of January 1, 2025, subject to change. Some exclusions apply. Offer valid on portfolio loans only.
Why Refinance Your Mortgage?
Are you paying too much on your monthly mortgage payment, or unhappy with the interest you’ll pay over the life of your home loan? Refinancing can help to realign your mortgage with your current financial situation or new priorities.
Benefits of refinancing your mortgage may include:
- A lower interest rate: We may be able to offer you a better rate than your existing lender.
- Reducing your monthly payment: Life happens. Make space in your budget for other priorities.
- Locking in your interest rates: Get long-term stability and predictability by switching from an adjustable-rate mortgage (ARM) to a 15 or 30-year fixed rate mortgage.
- Paying off your home sooner: Save on interest and build equity faster by shortening your loan term.
- Getting cash out: Turn your home equity into cash you can use to pay off debt or fund major expenses.
- Getting rid of PMI: We may be able to provide options without private mortgage insurance.
- No appraisal fee: We’ll pay your refinancing home appraisal fee, saving you over $600 in upfront loan costs.
Our experienced team is committed to delivering personalized service, competitive products, and a smooth lending experience from beginning to end. Contact us today, or click below to apply for your refinance today.
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When Does Refinancing Make Sense?
Refinancing your home can be a good move when it helps you improve your overall financial situation or better match your mortgage to your current needs. Refinancing makes the most sense when:
- Interest rates have dropped: If mortgage rates are lower than the rate on your existing loan, refinancing could reduce your monthly payment and lower the total interest rate you pay over time.
- You want to reduce your loan term: Shortening your loan term can make sense if you want to sell your house or save money on interest payments over the life of your loan
- You’ve built enough equity to remove PMI: As your home’s value rises or your loan balance decreases, refinancing may not require PMI.
- You need cash to fund major expenses: A cash-out refinance can provide funds for home improvements, debt consolidation, or other expenses by borrowing against your equity in your home.
Mortgage Refinance Loan Rates
Complete the form to instantly get the most accurate and up-to-date mortgage refinance rates at TVFCU. This rate calculator will help you compare options to find the loan type and rate that suits you best.
Apply NowHow to Apply for a Mortgage Refinance Loan
We’re here to make your mortgage refinancing process as smooth as possible. Just follow these steps:
- Step 1 - Apply Online
Complete our quick, easy, online application and provide the required documentation. - Step 2 - Review Your Refinance Options
We’ll work with you to help you choose loan terms that best fit your goals. - Step 3 - Close on Your New Loan
Sign your paperwork, pay any closing costs, and begin payments on your new loan.
Mortgage Refinance FAQs
Mortgage refinancing replaces your current home loan with a new mortgage that may offer a lower interest rate, reduced monthly payment, or terms that better fit your financial goals. During the process, the new lender pays off your existing mortgage and creates a new loan based on the remaining balance.
Refinancing typically includes closing costs such as:
- Origination fees
- Appraisal fees
- Settlement agent fees
- Other third-party fees, such as credit report, flood certification, etc
- Recording and other government-related fees.
TVFCU pays your appraisal fee when you apply for a home loan or refinance, saving you over $600 in closing costs.
At TVFCU, the refinance process typically takes 30 days from application to closing. Individual processing times vary, depending on your specific situation.
Yes, the purpose of the refinance and amount of equity available may allow you to meet certain loan program criteria. Options like FHA Streamline or VA Interest Rate Reduction Refinance Loans (IRRRL) may be available if your original mortgage was an FHA or VA loan.
Common documents required when you apply at a credit union for a mortgage refinance include:
- Recent pay stubs and W-2s
- Tax returns (past 2 years)
- Bank statements
- Information on your current mortgage
- Evidence of homeowners insurance
Your TVFCU mortgage team will provide a personalized checklist when you begin your refinancing application.
Yes. TVFCU offers refinancing options for rental and investment properties. Rates and qualification requirements may be different than those for a primary residence.
Calculate Your Rate and Monthly Payment
Embarking on a homeownership journey is a major milestone, and choosing the right mortgage is crucial. These calculators can quickly help you determine the loan type and amount that’s right for you.
View CalculatorsOther Home Loan Options You May Consider
Home Equity Loans
Choose a TVFCU Home Equity Loan to access the money you need to help fund your other priorities in life.
Learn MoreHome Equity Lines of Credit (HELOCs)
Borrow the money you need when you need it. A HELOC offers on-tap credit that you can repay and borrow again.
Learn MoreAdjustable-Rate Mortgage Loans
With competitive rates and lower initial monthly payments, an ARM makes owning a home more affordable.
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