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A mortgage refinance lets you start over with a whole new home loan. It's a chance to lower your payment, get mortgage-free faster, access your home equity, or simply switch to a better lender.
| Term | Rate | APR | Points |
|---|---|---|---|
| 10 Year | 3.125% | 3.457% | 0.000 |
| 15 Year | 3.375% | 3.606% | 0.000 |
| 20 Year | 3.375% | 3.554% | 0.000 |
| 30 Year | 3.625% | 3.755% | 0.000 |
- Jessica L.C.
Whether it’s your first time or you’re an experienced homeowner, the process of buying a house can be intimidating. Plus, today’s housing market doesn’t make negotiating a good deal any easier.
This guide will give you the tools to find a dream home, negotiate the best deal, and pick the right lender and mortgage loan to meet your needs.
Topics covered include:
A mortgage refinance will likely be easier than when you took out your original home loan because you've already gone through the process and know what to expect. Similarly, we know you've already qualified for a home loan so the process is faster on our side. Here's what happens:
These are the three main reasons to do a home refinance:
Or, you may simply not like your current lender and prefer to switch to your friendly local credit union!
To work out how much home equity you have:
You can use your cash-out for just about anything! Common uses include:
Refinancing your mortgage means taking out a whole new loan so you do generally need to pay closing costs. Luckily, we're offering to pay up to 2% of your loan amount in closing costs for you!*
To be eligible for a mortgage refinance, you need to have an existing mortgage with another lender and you need to meet membership criteria for joining the credit union. It takes just a few minutes to join and then you can access a home refinance and all our other quality products and services.
Our membership consists of those who live, work or go to school in Broward, Charlotte, Collier, Lee, Martin, Miami-Dade, Monroe, Palm Beach County, Hillsborough, Manatee, Pinellas, Sarasota, or St. Lucie counties.
We're also proud to offer membership to our Select Employee Groups. Employees of Ryder System, Inc. FPL/NextEra Energy, and members and employees of Bonefish & Tarpon Trust, no matter where they're located, are always welcome to join.
Adjustable-Rate Mortgage
Fixed-Rate Mortgage
Veterans Mortgage
1The Annual Percentage Rate (APR) is calculated on a loan amount of $350,000 for the purchase of a single family primary residence. This annual rate of interest example takes into account a 20% down payment. For a Fixed Rate Mortgage Loan of $350,000 at 30 years at 7.000%, you would make 360 payments of $2328.56. Payment amount does not include taxes and insurance. Actual payment amount will be greater.
*Power Financial Credit Union will pay for all eligible closing costs, excluding rate buy downs/points and prepaid items, up to a maximum of 2% of the loan amount. This is a limited-time promotion. All purchase and refinance fixed rate mortgages secured by a primary residence are eligible. Investment properties or second homes do not qualify. Subject to a three year recapture fee. If the loan is paid off earlier than 36 months (3 years), the lender credit will be added to the payoff.
Power Financial Credit Union serves members across South Florida with 8 full-service branches and offers convenient account access from anywhere using its secure Online Banking and highly-rated Mobile App.