logo

Refinance

 

 

Hands together in huddle

 

 


 

Refinance


 

 


DOCUMENT CHECKLIST
Download our list of documents you'll need.


SEND US A MESSAGE

mortgageservicing@cinfed.com


SPEAK WITH A SPECIALIST
Call us at (513) 333-6337.
 

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.

 

WHAT IS A FIXED-RATE MORTGAGE?

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. 
 


WHAT IS AN ADJUSTABLE RATE MORTGAGE (ARM)?

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.  


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. 

 



‌‌
Apply Now
Ready to begin your new journey? Let get started. 
 


 

 

Download Sample Documents
Review the documents you'll need throughout the process.
 


‌‌View All Rates & Mortgage Options
Take a look at current rates and additional loan options 
 
 

NOT A MEMBER?
Joining is easy. 
GET STARTED TODAY.

 

GET PREQUALIFIED. 
Start gathering the documents you'll need. 
DOWNLOAD OUR DOCUMENT CHECKLIST.

 

 

 

 

 



CONTACT CINFED

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

MEMBER REVIEWS

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
Just closed on a Home Equity line of credit loan, and the process couldn't have been any easier. With this I was able to pay off 2 high interest credit cards and deposited the rest into a checking... 
— Thomas
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
As a long time member, I have always received great service from all CinFed employees. I just wanted to say a special thank you to Dee Dee Day and Dawn Strickland. I had to make some changes to... 
— John-Member since 1990
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

NOTE: You are leaving Cinfed Credit Union's web site. Cinfed is not responsible for content or security policies of this external, linked web site.