Homeowners refinance their mortgages for a number of reasons. Some may want a lower interest rate and/or monthly payment, while others may want to take advantage of their home’s equity to free up cash for home improvement projects or debt consolidation. Whatever your reason, GNCU’s home lending subsidiary, Greater Nevada Mortgage (GNM), can help you turn your “why” into a “how.”
Refinancing Your Mortgage
Reasons to Refinance with Greater Nevada Credit Union
What’s Mortgage Refinancing?
Refinancing a mortgage is the act of paying off your existing home loan with a new home loan. Homeowners generally refinance for several reasons:
Rates change over time, and refinancing may enable you to lower your interest rate and save on the total amount of interest you’ll pay over the life of the loan.
If you need to lower your current monthly payment amount, then refinancing to extend out your term length may be a viable option.
A refinance in which you take out a bit more than what your existing mortgage amount is may enable you to tap into your home’s equity to pay off other high-interest debts.
Types of Home Loan Refinancing
There are more ways than one to go about refinancing your existing mortgage. Let’s take a closer look at the two main options for credit union mortgage refinancing.
With this type of refinance loan, the borrower takes out a new home loan at the existing mortgage payoff amount just to change to a new interest rate and/or loan term length.
With a cash out refinance loan, the borrower takes out a new, larger home loan than the existing mortgage payoff amount to receive the difference between the two loans in cash for other uses.
Ready to Refinance?
When you’re ready to begin the refinancing process, the experts at Greater Nevada Mortgage are ready to help. You can begin by applying online, or you can reach out to a local GNM Mortgage Consultant to have your questions answered.
Greater Nevada Mortgage | NMLS ID: 279738 | CA ID: 41DBO-61467 | Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act