Refinancing your Home
Sometimes refinancing your first mortgage isn’t the best option. We are here to help you determine which choices are best for your situation. To get a rate quote for a refinance loan, please email mortgage@stlouiscommunity.com and we will have someone contact you.
Why would I refinance my first mortgage?
- Take out equity of your home (cash-out refinance)
- Reduce your rate
- Lower your monthly payment
- Change loan type from FHA to Conventional to remove PMI
What should I consider when deciding if refinancing my first mortgage or taking out a home equity loan is a better option for me?
- A home equity line of credit can be a better option when you need funds for home repairs/improvements and are not sure of the exact amounts, or when they will be needed.
- If you are refinancing your loan to reduce your interest rate, review the closing costs being added to your loan balance. This may result in more interest expense over the term of the loan because of the higher balance, costing you more in the end.
- It will take longer to pay off your first mortgage loan if you extend the term.
- Home equity loans may allow you to borrow a higher percentage of your home’s value.
What are alternative options to refinancing my first mortgage?
We have home equity loans that are available for qualifying homeowners. Visit our Home Loan Products Page: https://www.stlouiscommunity.com/loans/home-loan-products
- Revolving home equity line of credit
- Fixed-rate home equity installment Loan
There are many factors that determine the maximum amount you can borrow against your home. The property value and the amount of liens on the home, property type, purpose of the loan, and the loan type all determine what loan-to-value (LTV) and debt-to-income (DTI) ratios are permitted. The best way to determine your loan amount is by completing our online application.
Information on LTV and DTI information can be found on our Programs Offered page.
Does SLCCU refinance loans that have been modified?
We can refinance previously modified first mortgage loans that meet certain requirements. Please contact us for additional details.