From high rates to undesirable terms, your current mortgage payments may no longer complement your future goals. Fortunately, mortgage refinancing from Excite Credit Union allows you to achieve savings while tapping into the hard work and steady payments you’ve made over the years.
With so many unique combinations and mortgage varieties to choose from, your options for savings are limitless! Enjoy the benefits of credit union membership with every transaction.
- Fixed-rate and adjustable-rate options
- Flexible term lengths and payment periods
- Quick and easy online application
- Personalized, local service and support
Mortgage Refinance Calculator
Mortgage Refinance FAQ
A: Mortgage refinancing from Excite Credit Union offers you the option to choose between an adjustable-rate mortgage (ARM) or a fixed-rate mortgage. The following are available:
- 30-Year Fixed
- 20-Year Fixed
- 15-Year Fixed
- 3/1, 5/1, and 7/1 ARM
A: In a fixed rate mortgage your interest rate is set when you take out the loan and does not change over the life of the mortgage. With an adjustable rate mortgage (ARM) your interest rate is variable and may go up or down as time goes on.
A: These numbers represent the terms of the loan. A 3/1 ARM loan is one where the interest rate will not change for the first 3 years of the loan and after that may only be adjusted once per year for the remainder of the loan. The same principle applies to 5/1 and 7/1 ARMs, with the interest rates remaining constant for the first 5 or 7 years, after which your interest rate may be adjusted one time every year.
A: Get a ballpark of your refinance savings by using the mortgage calculator above. Enter your desired interest rate and current mortgage information to calculate potential savings. For help or additional information, please contact us.
A: Refinancing your mortgage is a great way to reduce monthly payments and interest, but it doesn’t make sense in every situation. Consider the break-even period, which is the time it takes to recoup the new loan’s closing costs, in your calculations to determine how soon you could begin saving money from a mortgage refinance.