When to Refinance Your Home


If you’ve been in your home for five or more years, you’ve probably got some equity. And if you’ve got a little equity, it might be a good time to refinance your mortgage. Here are a few other signs it’s time for a refi… 


You can reduce your interest rate by 1% or more

A 1% drop in your interest rate can save you thousands long-term. Consider this: A 15-year, $150,000 mortgage at 5 percent interest will accrue about $63,500 in interest over the life of the loan. Compare that to $49,700 in interest at 4 percent on the same home – that’s about $13,800 in savings.

You need that breathing room in your monthly budget

Sending the kids to college? That kind of shift in spending can really affect your budget. Chances are that a refi will wind up lowering both your interest rate and your monthly mortgage payment. So, not only are you saving tons of money in the long run, you’re able to invest in your more immediate needs.

You can switch from an adjustable-rate mortgage to a fixed

If the rate on your ARM is close to increasing, it’s a great time to lock in a fixed rate. Not only will you continue to save, but you’ll also be keeping your monthly payments predictable.

You will need to provide the following for a mortgage refinance

  • A copy of your deed
  • Two years W-2 forms (for each borrower) or 2 years of tax returns
  • One month of pay stubs (for each borrower)
  • Payoff balance of your current mortgage
  • Proof of assets
  • Abstract of Title (Upstate NY only, ask for geographic details)

At least one name on the deed must be on the application. All borrowers on the application must reside in the home as their primary residence (Vacation Home product is an exception).

Online Mortgage Application

To set up a mortgage appointment, and to apply in person, you may contact Visions mortgage department toll free at 800.242.2120, ext. 10269.

Fees and closing costs will vary based on the value and location of the residence, and whether the property includes any gas leasing.

For general questions, and to get an estimate of the fees and closing costs, please contact our loan specialists at 800.242.2120.

Mortgages Articles

  • Making Sense of Mortgages

    Making Sense of Mortgages Closing costs, PMI, ARM, escrow…figuring out what makes up your mortgage can be complicated. With so many factors to consider, how do you make sense of it all? Well, you can start by breaking down some of the most common terms and considerations you'll…

  • When Should You Consider an Adjustable Rate Mortgage?

    When Should You Consider an Adjustable Rate Mortgage? Looking for a lower-interest alternative to the traditional 15- or 30-year fixed rate mortgage? Consider an adjustable rate mortgage, like the popular 5/5 ARM, for any number of needs or situations. What's a 5/5 ARM? Well, th…

  • Mortgages and Your Credit

    When it comes to mortgages and your credit, there are a few main considerations. How Does My Credit Score Affect My Mortgage? It's no surprise that your credit score matters when buying a home and applying for a mortgage. The rule of thumb is if you have a higher credit score,…

Visions Federal Credit Union

Log in here with your Online Banking ID:

Online Enrollment

Forgot Password

Forgot User ID/Unlock Account

You are leaving the Visions Federal Credit Union web site. The privacy and security policies of the external link may differ from Visions Federal Credit Union. Visions Federal Credit Union does not own or control external links and is not responsible for the availability or accuracy of their content.