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From our Home Loan Consultants
We know your financial picture can change over time, and the loan you received when you first bought your home may need to change to better align with your current plans and finances. Whether you want to reduce your loan term, lower your interest rate, or access equity from your home, refinancing can be a smart way to help you meet your goals.
When you refinance, you replace your current mortgage with a new loan. Your new mortgage will have a different rate (adjustable or fixed-rate options are available), monthly payment, and overall term (choose from 10,15, 20 or 30 years). There are several reasons you may want to refinance, but here are some of the most common:
If you’re considering a refinance we can help – apply online to get started or connect with a Home Loan Consultant to discuss your options.
Variety of fixed and adjustable-rate options
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Up to 30 years
Opportunities to save with low rates and fees
In-house loan servicing throughout the life of your loan
Take advantage of our special bi-weekly payment feature to pay off your loan faster1
Rates Effective 08/05/2024
APR2
APR1
See if refinancing makes sense for you. Check out the calculator.
A rate and term refinance replaces your current mortgage with a new rate or term and the amount you owe on your current loan is transferred to a new loan. You may opt for this type of refinance if you want to reduce your current interest rate or payment or want to change your loan term. For example, if you currently have a 30-year fixed mortgage and want to switch to a 15-year term, a rate and term refinance is for you. With a cash-out refinance you borrow more than your current mortgage loan balance by using your home’s equity as collateral. For example, if you have a $400,000 principal balance on your loan and you want to borrow (“cash out”) an additional $50,000, depending on how much equity you have available, you could refinance your new loan at $450,000. The $50,000 difference is paid to you at closing, but your rate and payment are based on the $450,000 balance.
From the time you apply to the closing of your new loan, typically takes about 45 days. It may seem like a long time, but it is simple, and most of the heavy lifting is done by our team as we review and underwrite your new loan. After you apply, if you’re not already working with a Home Loan Consultant, we will find one for you, and they will work with you to review and request any items we may need (such as your income, assets, and credit history). They’ll work closely with you and will keep you updated on important milestones such as your loan approval, loan signing and closing.
A refinance is tied to your first mortgage on your home, and when you take cash out you’re borrowing more than you owe on your loan, but you still only have one loan and payment. A home equity loan (fixed-rate second mortgage) or home equity line of credit (variable-rate line of credit) are separate loans against your home. Your first mortgage remains untouched, and your home equity loan or home equity line of credit is used to access cash you may need for immediate or future needs.
If you’re looking to tap into your home’s equity, there are several options available – from home equity loans and lines of credit, to a cash-out refinance or even a personal loan (not tied to your home or any collateral). When reviewing your options, you’ll want to consider your current interest rate and payment, your new payment, how much you’ll need and how fast you need the funds. Some homeowners with low fixed rates on their first mortgage may not want to refinance into a higher rate or payment, so a home equity loan or line of credit, or even a personal loan may be better suited. There’s a lot to think about and that’s what we’re here for! It’s best to connect with a Home Loan Consultant so they can give you a complete breakdown of your costs and options and recommend a solution for your individual goals.
Trying to get out of debt? Learn about debt consolidation, how to consolidate debt, and the pros and cons of consolidating, to help you decide if it’s right for you!
Find out how to manage your money better and improve your financial well-being. Get 10 money management tips from Patelco and begin mastering your money now!
Looking for ways to save money? Find out how to build an emergency savings fund from the experts at Patelco Credit Union. Start saving now!
If you’re considering refinancing, we know there’s a lot to think about. Everyone’s situation is unique and there are multiple factors at play – including your current mortgage and payment and where rates are today.
Let us help you explore your options. Our Home Loan Consultants are experienced professionals who will review your current loan and goals to determine what works best for your overall financial plan. They’re located locally and have a unique understanding of the Bay Area, Sacramento region, and beyond.
1 Equity Builder is a bi-weekly payment option for specific Patelco mortgage products. Bi-weekly payment option offers reduced number of years for early loan pay-off date and reduced interest paid depends on loan amount, interest rates, and every two weeks or weekly payment plan start time. Talk to a Patelco Home Loan Consultant for details.
2 APR = Annual Percentage Rate. APRs are based on the following:
Rate shown at 60% loan-to-value (LTV), owner-occupied purchase with excellent credit and no subordinate financing. Your rate may be different than what is shown, there are pricing adjustments on certain scenarios. Please use the rate calculator on our mortgage application site to receive a better estimate for your scenario. Rates, terms, conditions, and availability are subject to change or withdrawal at any time and without notice. Nothing herein is or should be interpreted as an offer or commitment to lend. Loans are subject to credit and property approval. Other conditions and restrictions may apply. Hazard insurance may be required. NMLS ID Number is 506373.
High-Balance Mortgages allow for higher loan limits beyond the $766,550 conforming limit up to $1,000,000.00 for high-cost areas as determined by the Federal Finance Agency (FHFA). These higher limits are designed to make homeownership more affordable in areas with the highest home prices and are typically priced below jumbo mortgage loan.
3 The index is the weekly average of the 1-year US Treasury securities adjusted to constant maturity of one year, as made available by the Federal Reserve. The caps are 2% annually and 6% lifetime based on the initial rate. The current index is 4.80%. Your rate may be different than what is shown.
4 The index (for 5/5 product) is the weekly average of the 5-year US Treasury securities adjusted to constant maturity of five years, as made available by the Federal Reserve. The caps are 2% every adjustment and 5% lifetime based on the initial rate. The current index is 4.01. Your rate may be different than what is shown.
5 The index (for 10/10 product) is the weekly average of the 10-year US Treasury securities adjusted to constant maturity of ten years, as made available by the Federal Reserve. The caps are 3% every adjustment and 6% lifetime based on the initial rate. The current index is 4.10. Your rate may be different than what is shown.
