If you already have a mortgage in place on your home, Wailuku Federal Credit Union can guide you through the process of refinancing. We offer no-cost or very low-cost refinance options that may save you thousands of dollars!

Refinancing means taking on a new loan with different terms. We’ll help you understand more about the process and the benefits of refinancing with your personal goals as a homeowner in mind. Refinancing can help you

  • Lower your interest rate: Interest rates are the lowest they’ve been in decades, so there’s a good chance refinancing can get you a better rate. This could lower your monthly payments and the total amount you’ll pay on your loan, overall.
  • Pay off your mortgage faster: With a lower rate, you can also shorten the term of your mortgage, meaning you’ll own your home outright much sooner and save thousands of dollars in interest cost.
  • Consolidate your debt: By combining multiple payments into one low payment, you’ll end up paying less overall every month. The cash you save can be used to pay off higher-interest debt, such as credit card debt.
  • Cash Out. Take advantage of the equity in your home by cashing out and using the loan proceeds for home improvements, college education, down payment to purchase another house, etc.
  • Remove the  PMI.  If the value of your home went up or if your loan balance went down or a combination of the two, and you are paying for private mortgage insurance (PMI), you may have your PMI removed.

Whatever your goals are in refinancing, WFCU can help you achieve them. Take advantage of these all-time low interest rates and put your home loans to work for you!

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