Refinance Loans allow you to replace your existing mortgage with a new one, often to save money with a lower rate, reduce your monthly payment, or tap into your home’s equity. IDB Global FCU offers streamlined refinancing options for our members with extremely low closing costs. Whether you originally financed elsewhere or with us, we have stellar refinancing alternatives ready for you. Refinancing can be a smart move if rates have dropped or if your financial situation has improved since you got your original loan.

 

Key Features & Eligibility (Refinancing):

• Rate & Term Refinance: Lower your interest rate, shorten/extend your loan term, or switch from an ARM to a fixed rate or a fixed to an ARM rate. We’ve seen members save hundreds per month by refinancing to our lower rates or knocking years off their mortgage. (Example: Members who refinanced with a local credit union saved an average of over $1,000 per year on interest).
• Cash-Out Refinance: Use your home equity for other needs – renovations, education, debt consolidation, etc. You can refinance for more than you owe on the home and take the difference in cash. We typically allow up to 80% LTV on cash-out refinances (meaning you should retain 20% equity in your home after refinancing, for safety).
• Credit & Appraisal: You’ll need to qualify for the new loan similarly to a purchase. We’ll check your credit (we welcome strong credit and also consider members with moderate credit – often more flexibly than other lenders) and order a home appraisal to determine the current value of your property. If you’re an overseas member refinancing a U.S. property, we handle everything remotely just as with purchases.
• Costs & Savings: IDB Global FCU keeps refinancing costs minimal – with lower origination fees and closing costs than most banks. In many cases, the interest savings from a refinance can break even on the closing costs in a short time. Use our Refinance Calculator to see how much you could save.
• Overseas Members: If you’re stationed abroad and want to refinance a home you own in the States, we make it convenient. Documents can be handled electronically and via international courier if originals are needed. We’ll assist with any local requirements (for example, notarizing documents at an embassy). There’s no need for you to travel back for closing.