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Refinance with TFCU

From lower monthly payments to better interest rates, refinancing your mortgage gives you the opportunity to lock in a loan with a new rate or term. Discover the rewards and considerations of refinancing today.

Consider refinancing, if you:

  • Purchased your current home with a high interest rate and want to secure a lower interest rate.
  • Want to lock in a lower monthly payment.
  • Need to consolidate your debt.
  • Are interested in new loan terms and potentially paying off your loan faster.
  • Want to eliminate mortgage insurance.

Ready to Move Forward?

There are many considerations to think about when it comes to refinancing your home. Talk with a Mortgage Loan Officer to see if refinancing aligns with your financial goals. You can also explore additional home loan products below.

Considerations 10-Year Fixed Rate 15-Year Fixed Rate 20-Year Fixed Rate 30-Year Fixed Rate
Description A loan that will be paid back over 10 years, with an interest rate that doesn't change. A loan that will be paid back over 15 years, with an interest rate that doesn't change. A loan that will be paid back over 20 years, with an interest rate that doesn't change. A loan that will be paid back over 30 years, with an interest rate that doesn't change.
Best choice if
  • You want fixed payments for the full term of the loan.
  • You want the security of knowing your interest rate will not change over time.
  • You think interest rates could rise in the next few years.
Advantages You will pay off the loan faster, build equity quicker, and pay less interest than a 15-, 20-, or 30-year fixed rate loan. You will pay off the loan faster, build equity quicker, and pay less interest than a 20- or 30-year fixed rate loan. Lower monthly payments than a 10- or 15-year fixed rate loan.
  • Lower monthly payments than a 10-, 15-, or 20- year fixed rate loan.
  • Lower payments allow larger monthly cash flow.
Disadvantages Higher monthly payments than a 15-, 20-, or 30-year fixed rate loan. Higher monthly payments than a 20- or 30-year fixed rate loan. You will pay off the loan slower, build equity more slowly, and pay more interest than a 10- or 15-year fixed rate loan. You will pay off the loan slower, build equity more slowly, and pay more interest than a 10-, 15-, or 20-year fixed rate loan.
Considerations 3/1 ARM 5/1 ARM 7/1 ARM
Description
  • Fixed rate for the first 3 years.
  • After the initial 3-year period, the rate changes once each year for the life of the loan.
  • Fixed rate for the first 5 years.
  • After the initial 5-year period, the rate changes once each year for the life of the loan.
  • Fixed rate for the first 7 years.
  • After the initial 7-year period, the rate changes once each year for the life of the loan.
Best choice if
  • You are planning to move prior to the end of the initial rate period and therefore aren't concerned about future rate increases.
  • You think interest rates could fall in the future.
Advantages
  • Lower initial interest rate than a traditional fixed rate loan.
  • Monthly payments are typically lower during the initial fixed rate period than a traditional fixed rate loan.
Disadvantages
  • After the initial fixed rate period, the interest rate may increase, which will increase your monthly payment amount.
Description
  • If you live in a high-priced housing market, a jumbo loan allows you to borrow a larger amount of money than a conventional loan.
  • Our jumbo loans are available in a variety of terms:
    • 10-, 15-, and 20-Year Fixed Rate Jumbo.
    • 3/1, 5/1, and 7/1 Adjustable Rate Mortgage (ARM) Jumbo.
Best choice if
  • The amount you need to borrow is over the conventional loan limits (which may vary by region).
Advantages
  • Allows for larger loan amounts based on a higher purchase price.
  • Allows for one large loan instead of a conventional loan plus a second mortgage.
Disadvantages
  • Approval criteria are stricter because the loans are larger.
  • Interest rates may be slightly higher than conventional loans.
Description
  • The VA loan is a mortgage option for veterans, active duty personnel, or those who meet other eligibility criteria. Certain reservists and National Guard members, surviving spouses of persons who die on active duty or die as a result of service-connected disabilities, and certain spouses of active duty personnel.
  • Our VA loans are available with a term of 15- or 30-Year Fixed Rate.
Best choice if
  • You meet the VA eligibility criteria.
  • You do not have funds for a down payment.
Advantages
  • In some cases, you can buy a home without a down payment.
  • You won't need private mortgage insurance (PMI).
  • VA may be able to provide assistance if you run into difficulty making payments.
Disadvantages
  • There are limits to the amount you can borrow in certain areas.
  • The property must be your primary residence.
  • The VA doesn't cover all closing costs.

For rates, assumptions and full disclosures, visit our Daily Rate Page.

All loans and lines of credit are subject to credit application, qualification and approval. Must qualify for membership.