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Is now a good time to refinance? If you currently have a home loan, you may have asked yourself this question as you followed the changes in the market recently. But the truth of the matter is, refinancing to a lower rate could save you money or lower your monthly payment. Who wouldn’t want to save some money, especially right now? To know if refinancing is a good option for you, let’s dig deeper into what refinancing a Home Loan could do for you.

A common question people ask is, “what is the purpose of a refinance?” Refinancing is generally used for two things: to lower your monthly payment or to lower your interest rate. The goal of refinancing is to save money either monthly (with a reduced monthly payment) or over the life of the loan (with a reduced interest rate). Based on your current financial situation, you’ll want to consider which outcome (savings now or over time) you desire for a refinance. It is important to remember that, as with all Real Estate Loans, you’ll want to consider the costs versus the benefits. Your Real Estate expert will help you map out the pros and cons of a refinance to help you make the best choice for your current financial situation.

What makes you a good candidate for a refinance? As mentioned, most people refinance to save money. However, you don’t necessarily have to be financially strapped to refinance; although, we recommend speaking with a Yolo Federal representative if you are concerned about your current financial situation. Refinancing a Home Loan could save you thousands of dollars. Those that don’t want to increase their monthly payment will most likely refinance their Home Loan for a longer term but with a reduced payment. On the opposite side, if you can make larger monthly payments comfortably, refinancing to a lower interest rate and a shorter term will also save you money over the life of the loan. These are two very specific but common reasons why people refinance their Home Loan. However, there could be other reasons why a refinance might be beneficial for you. If you are unsure of whether or not a refinance is a good option for you, schedule a call with a Real Estate Representative.

Keep your loan close to home. Why should you choose Yolo Federal to refinance your Home Loan? With low rates and exceptional service, our local team of experts will help make your refinancing process easy-breezy. As Yolo County’s #1 Best Credit Union, you can trust that we are here to help you achieve financial success. Get started today! Schedule a call with a Yolo Federal representative to learn more.

Subject to approval. Restrictions may apply. Yolo Federal Credit Union is an Equal Housing Lender. NMLS# 401954

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To qualify for membership, you must live, work, worship, attend school in Yolo, Sacramento, Placer, or El Dorado counties.

To apply for a Home Loan, you must qualify for membership, and the property must be located in Yolo, Sacramento, Placer, or El Dorado counties or within 50 miles of our corporate office. 

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