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What does it mean to refinance?

The refinancing process replaces your existing mortgage with a new one - locking in a new rate, term, and payment amount. The new loan is then used to pay off your original loan.

Why would I consider refinancing?

There are several reasons why homeowners refinance, each unique to the homeowner's current situation. Typically, homeowners choose to refinance if they are interested in aquiring a lower rate, wanting to shorten loan terms, change lenders, or cash out to consolidate. Others may have recently divorced and want to remove the spouse from the mortgage, or just simply change the interest payback structure. Below are a few of the most common benefits of refinancing:

  • Lower Interest Rates: For borrowers who plan to stay in their home for several years and find that interest rates are decreasing, it could be beneficial to take advantage of the lower rate -- where even a decrease of 1% would contribute to a high balance of savings. Not only will the borrower's monthly payments decrease, but they will also build equity in the home at a quicker pace.

  • Changing Loan Terms: Borrowers often find themselves in different financial situations some time after arranging their first mortgage. Adjusting the term of the loan, either extending or decreasing, allows homeowners to make the appropriate adjustments without getting a new mortgage.

  • Use equity to make purchase or renovation: If enough equity is established, borrowers will use the equity in their current home as collateral to fund renovation projects or home improvements. This is referred to as a home equity line of credit, or HELOC.

  • Consolidate Debt: In some cases, homeowners will replace their existing loan with a larger, new loan, and take the difference between the two in cash. This is referred to as cash-out refinancing, and is often associated with much higher costs, but can be a great option for those looking to consolidate debt.

Types of refinancing:
We currently offer two main types of refinancing: cash-out refinance or HELOC. Our cash-out refinance option is available through either a fixed-rate mortgage or an adjustable-rate mortgage. Speak with a member of our team to learn which option is best for you.


A fixed rate mortgage is a financing option that allows borrowers to effectively maintain a long-term budget. With a fixed-rate mortgage, the interest rate on the loan remains the same through the term of the loan, giving borrowers who want relatively consistent payments the ability to take advantage of low rates while they are available. This loan type is popular among borrowers who plan to live in their newly purchased home for more than 5-10 years.

We offer fixed rate mortgages for loan terms ranging from 5 years to 30 years. The length of the term determines the amount of your monthly payments. With a shorter term loan, like a 5 year or 10 year, you will have less payments than you would with a longer term loan, but the monthly payment amount will be higher because the payback time is condensed.


An adjustable rate mortgage is a financing option that allows borrowers to take advantage of falling interest rates without having to refinance. With an adjustable rate mortgage, the interest rate on the loan is initially set at a fixed-rate for a certain period of time, and is followed by periodic adjustments to the rate based off the current index value. Often having a lower initial interest rate than a fixed-rate mortgage, an adjustable rate mortgage is ideal for buyers who plan to sell their home after a few years, allowing them to avoid a potentially higher index value after the rate adjusts.

We currently offer 1-year, 3-1-year and 5-1-year adjustable rate mortgages. View all current rates, here.

All situations are unique to each homeowner. We will work with you to determine a loan term that is best for your budget and home ownership goals. Let's get started.

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Cinfed Credit Union
4801 Kennedy Avenue
Cincinnati, OH 45209
(513) 333-3800
Routing #242076656


They always go above and beyond at the Oakley branch and truly care about each of their members. And, I absolutely love their kids' membership program. It makes it fun for them to learn about money... 
— Courtney Snow
Been a member since I moved to the Queen City in 1978. Cinfed has always provided customer service that other financial institutions only dream about. Thank you for almost forty years of outstanding... 
— Tim Grabenstein
I recently became a member here at CINFED and it was the best decision I have ever made. I walked in with tears and despair and left with dry eyes, a smile, and I even received a hug from the branch... 
— Melanie
Earlier this year my much younger sister passed away and with that many obligations were to be met by my husband and myself ..My sister was survived by a daughter and son. We have since then taken on... 
— Vonda
How lucky I am to have Liz Frey managing the office I use! I live in Florida but maintain Cinfed as my main banking office. Everytime I need special help a simple email or call to Liz and it is... 
— Debbie G
Emily Snyder took the best care of my two auto loans. She was professional, courteous and very knowledgeable of the available services for me. She went out of her way to make sure I felt like I was... 
— Sarah Amyotte
I have been member with Cinfed since 1986. The Roselawn Cinfed staff greeted the customer phone calls friendly and polite willing to help you with your needs. They have excellent customer service.... 
— Marian Dudley
I have been a member of CINFED since about 1981 when I was transferred from SLC, Utah with the US Army Recruiting Command and have always received excellent service and support . Hope Dee Dee is... 
— Robert Olguin
I have been a member at the Roselawn Branch for a long time and I couldn't be more satisfied with the customer service. No matter how often I come in with a question or issue and no matter what... 
— Andreya T Williams
I been a member since 1985 and can not imagine banking anywhere else. This credit union as taken care of my every need. 24/7 services is excellent.
— Edward, member since 1985
I have been a Cinfed member for years. I know I can depend on them to provide excellent service. The bill pay on line is great and every time I visit the Florence branch I am met with friendly... 
— Jan Ricks
Closed a loan in 24 hours! Absolutely unheard of! Thanks to the exceptional customer service of LeAnn Rose at the Turfway Branch! She went above and beyond by providing unexpected expedited service! ... 
— Christina Stull
I recently applied for a credit card online. I received a call from Emily Snyder explaining what needs to be done next. It was easy and Emily’s customer service was excellent. Emily is a great... 
— Johnnie Bush
I met Emily Snyder because I had a flat tire in the parking lot of Cinfed Credit Union. I didn’t know what to do and she offered to help me. It was late in the evening and I didn’t think anyone... 
— Cindy Hyatt
Emily Snyder took care of setting up a consolidation loan for me on Saturday. She was very friendly, professional, and explained very articulately all the steps involved. Emily also opened a new... 
— Sally A Arbogast
I recently closed for a car loan and a credit card with Susan Z. Her service was excellent. We closed in a couple of days. She was so helpful with her knowledge. It was a pleasure to deal with her.
— Glenda Adkins
I cannot say enough good things about the service I have always received from Cinfed! Most recently, we refinanced a vehicle and dealt with Emily S.! She was quickly responsive and on top of her... 
— Serena Kain
I can say a million great things about Cinfed Credit Union and how they helped me over the years ,But there are many helpful service members, but one Great lady Is Mrs Susan Z. She is an Awesome... 
I have to say I think the new online banking update is pretty awesome. I love that the app is more up to date, clean and user friendly. Happy to be a customer with Cinfed.
— Kyle Neises
I have member with Cinfed for 24 years. The customer service is beyond great. Everything from daily banking to loan services. I recently purchased my daughter a car and originally it was going to be... 
— Tira Williams

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