Why Refinance Your Mortgage?

Lower Your Monthly Payments

If interest rates have dropped since you took out your mortgage, refinancing could reduce your monthly payments and free up cash for other expenses.

Pay Off Your Loan Faster

Switching to a shorter loan term—like 15 years instead of 30—can help you pay off your mortgage sooner and save thousands in interest.

Access Cash with a Cash-Out Refinance

Use your home’s equity to fund major expenses like home improvements, education, or debt consolidation. A cash-out refinance lets you borrow more than you owe and take the difference in cash.

Switch to a Fixed-Rate Mortgage

If you currently have an adjustable-rate mortgage (ARM), refinancing to a fixed-rate loan can provide stability and protect you from future rate increases.

Ready to get started?

Apply Now View Rates

Or call 888-LOAN-391 (888-562-6391) to receive a call from an APGFCU Mortgage Consultant, to learn more about refinancing.

Looking to dive deeper into mortgage refinancing? Check out these helpful resources:

• Refinance Options for Existing APGFCU Mortgages: Learn how current members can refinance their existing loans for better terms.
• Deciding to Refinance: Understand the key factors to consider before refinancing your mortgage.
• Understanding Refinance Costs: Get a breakdown of typical fees and expenses involved in refinancing.

• What are the costs involved in refinancing?
  

  Closing costs typically range from 2% to 6% of the loan amount and may include appraisal fees, title insurance, origination fees, and other charges. APGFCU offers options to pay these costs upfront, roll them into your loan, or choose a slightly higher interest rate to offset them.

• How does a cash-out refinance work?
  

  A cash-out refinance replaces your current mortgage with a new, larger loan. The difference between your old balance and the new loan amount is given to you in cash, which you can use for home improvements, education costs, or paying down high-interest debt.

• Why should I refinance my mortgage?
  

  Refinancing can help you lower your interest rate, reduce monthly payments, pay off your mortgage faster, or access your home equity for major expenses like renovations or debt consolidation. It’s also a good option if you want to switch from an adjustable-rate mortgage to a fixed-rate loan for stability.