Let Latino Credit Union refinance your home to help you save money or get a loan.  There are a couple of options that might work for you:

Standard Refinancing Option: If the interest rate on the new mortgage is less than the old one, the loan costs less and you save money each month.  This helps free up cash for your other expenses.

Every percentage point on your interest rate makes a difference. For example, if you refinanced a $200,000 loan with a seven percent interest rate to a loan with a six percent interest rate, you’d save about $130 more in your pocket each month.

Our representatives can work with you to find out if refinancing is right for you.  The requirements for refinancing are the same as a first mortgage (see requirements)

You will need to find out if your lower interest rate would save you money and cover the refinancing fees, which are similar to the fees you pay for your first loan. Click here to see what you need to pay. 

Remember, in most cases, when you refinance, there is no down-payment requirement since it is usually covered by the equity you have built in your home.  Equity is the value of your property minus your outstanding mortgage balance.

Talk to your LCCU representative to find out more about how you might be able to save!

Cash-Out Refinancing Option:  With LCCU’s cash-out refinancing option, you can refinance your current mortgage plus take out some cash from the equity you’ve built up for improvements on your home or other needs. Here are the requirements:

• Maximum loan to value: 70%. 
• Maximum cash out: $150,000 in addition to the payoff of the current first mortgage loan.  This is to limit our exposure and risk while we develop a history of these loans.
• The requirements for cash out refinance loans will be the same as LCCU’s first mortgage loan policy (see requirements), except that a home inspection will not be required if the credit union currently has the existing first mortgage loan.  If the existing current first mortgage loan is with another institution, a home inspection will be required.

Talk to your LCCU representative to find out if the cash-out refinancing option is right for you!