Refinance Test



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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 the 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 gotten 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. 

Our adjustable rate mortgages are available for 1,3,5, or 7 year terms. The rates adjust after the term and each year thereafter according to the type of ARM. 

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


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