Do More With Your Equity by Refinancing Your Home
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What is Refinancing?
Based on the value of your home, interest rates and your debt-to-income ratio, refinancing may be the right choice for you to get better financing on your home loan or access to the equity you’ve gained in your home. You can use that equity for whatever you need, including paying off credit cards, student loans, auto or other debts, remodeling or adding on to your home or for that great vacation you’ve been waiting for.
How do I know if refinancing is right for me?
In many cases, refinancing offers a more financially sound way to tackle debt, free up funds for large life expenditures, or find a more efficient way to pay down your mortgage debt. Unlike a home equity line of credit, a credit-based financing tool, you can use refinancing funds for anything; home equity funds can only be used on your home. Our seasoned loan officers will walk you through every detail of the process and provide you with all your options before making a final decision.
Two Ways to Refinance Through TruWest
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Rate and Term Refinance
Explore a better mortgage option with a TruWest rate and term refinance. Shorten the term of your current mortgage to pay off your mortgage faster, or simply refinance to lower your monthly payment.
- Fixed-rate loans available with terms up to 30-years
- Adjustable-rate loans with 5/1, 7/1 and 10/1 available
- Get up to 97% loan to value1
- Loans up to $2.5 million2
Cash Out Refinance
Access the equity in your home for all of your lifestyle needs. Whether you’re looking to remodel your home or make a large purchase, a cash-out refinance may be right for you.
- Fixed-rate loans available with terms up to 30-years
- Adjustable-rate loans with 5/1, 7/1 and 10/1 available
- Up to 80% loan to value for loans up to $806,500
- Up to 75% loan to value for loans greater than $806,500
- Loans up to $2.5 million2
- For major expenses such as medical bills, taking a vacation, student loans and more
Disclosures
1On approved credit. Up to Fannie Mae Guideline limits on fixed rate products.
2Subject to change. Cash out/Cash back to borrower limitations apply, currently set at $750,000 cash back limit. Must qualify as a TruWest member. Financing solutions not available in AK, HI, LA, SC, VT, and WI. Condominium financing not available in NY and with restrictions in certain areas in FL. All loans subject to credit approval and program, eligibility, terms, conditions, and restrictions. Programs, rates, restrictions, terms and conditions are subject to change without notice. NMLS ID 640299
