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Mortgage Refinance
Mortgage Refinance Solutions for Existing Homeowners
APGFCU offers mortgage refinance options designed to lower your interest rate, offer a shorter term or provide access to cash-out options, we make the process clear and affordable.
Plus, as a member, you get special access to our Loan Modification and Reamortization services.
Option 1: Refinance Your Mortgage*
Why Refinance Your Mortgage?
- Lower your interest rate and reduce monthly payments.
- Pay off your mortgage faster with a shorter term.
- Access your home equity through cash-out refinancing.
- Consolidate debt into one manageable payment.
Member Benefits Exclusive Savings
- Save $625 on our Origination Fee when you refinance your existing APGFCU mortgage.**
- Start saving the moment you close.
Option 2: Loan Modification*
Benefits of Loan Modification
- Lower your interest rate without starting a new loan.
- Keep your current balance and term for convenience.
- Quick and cost-effective solution compared to refinancing.
Key Details:
- One-time fee: $500
- Eligible loans: Fixed-Rate or Hybrid ARM
- Frequency: Modify once every 12 months***
- Hybrid ARMs: Available only during the initial fixed-rate period
Option 3: Reamortization
Why Choose Reamortization?
- Reduce monthly payments for the life of your loan.
- Keep your existing interest rate and term—no new loan required.
- Quick and affordable way to save without closing costs.
How It Works:
- Minimum lump-sum payment: $10,000
- In the form of:
- Bonus
- Inheritance
- Misc. lump sum
- In the form of:
- One-time fee: $250
- Eligible loans: Fixed-Rate and Hybrid ARM
Mortgage Refinance FAQs
- How does mortgage refinancing work?
Refinancing replaces your existing mortgage with a new one—usually at a lower interest rate or with different terms. At APGFCU, you can refinance to:
- Reduce your monthly payments.
- Shorten your loan term to pay off your home faster.
- Access your home’s equity through cash-out refinancing. The process includes applying for a new loan, closing on it, and using the funds to pay off your current mortgage.
- What are the benefits of refinancing my mortgage?
Refinancing offers several advantages:
- Lower interest rates to save money over time.
- Reduced monthly payments for better cash flow.
- Faster payoff with a shorter term.
- Cash-out options to fund major expenses.
- Debt consolidation into one manageable payment. Plus, APGFCU members save $625 on the origination fee when refinancing an existing APGFCU mortgage.
- Can I refinance with APGFCU if I already have a mortgage with you?
Yes! In fact, APGFCU offers exclusive savings for members who refinance their current APGFCU mortgage. You’ll save $625 on the origination fee, making it easier to start saving from day one.
Mortgage Disclosures
*Subject to credit and additional approval and interest rate criteria.
**To save $625 on your Origination Fee, your mortgage must be a current APGFCU mortgage.
***Loan must be open for at least 12 months before modifying.