Home Loan Refinance
Refinance Your Home Loan with Delta Community
Money-Saving Low Rates for Delta Community Members
Refinancing your home loan can provide benefits which can vary depending upon what you are looking to achieve. When mortgage rates are lower than the rate on your current home loan, it's a good time to research whether a refinance is right for you. To learn more about refinancing your home loan with Delta Community, contact one of our Home Loan Specialists.Apply Now for a Home Loan Refinance
Overview & Benefits
Things to Consider with a Home Loan Refinance
Refinancing your home loan can provide many benefits and can be done for various purposes. The most common reasons for refinancing your home loan are to lower your monthly payment, shorten your loan term, replace an adjustable-rate or balloon payment or get cash out from the equity. If you are considering refinancing your home loan, check out our easy to use calculators to determine what your new monthly payment could be.
Lower Your Monthly Payment
If current mortgage rates are lower than the rate you received on your current home loan, you may be able to save money by refinancing your mortgage to a lower rate. In this case, you can refinance to a home loan which is the same term as your existing loan and possibly lower your monthly payment.
Shorten Your Loan Term
Another way to save money is to refinance your home loan to a shorter loan term. Many borrowers purchase their home using a 30-Year Fixed-Rate Home Loan, then refinance to a 15-Year Fixed-Rate term a few years later. Rates on 15-year loans are typically much lower than 30-year loans, so it could be possible to shorten your loan term without significantly increasing your monthly payment.
Convert an Adjustable-Rate or Balloon Payment
If your current home loan has an adjustable-rate or if you are facing a balloon payment, it may be a good time to consider locking into a fixed rate when current mortgage rates are lower. By refinancing an adjustable-rate mortgage, your monthly payments are likely to be less and will be the same for the rest of the loan term.
Using the equity in your home to borrow money is called a cash-out refinance. Many people choose to borrow using this method since mortgage rates are traditionally lower than other types of debt such as credit cards. And, the loan term of a home loan can provide a longer time to repay the money borrowed; up to 30 years.
Types of Refinances Available at Delta Community
- Rate-and-Term Refinance
- Fixed-Rate Refinance
- Adjustable-Rate Refinance
- Cash-Out Refinance
Refinance Your Mortgage Now
To apply for a Refinance online, simply choose a Home Loan Specialist to get started.
Finding the right solution can seem like a difficult process, but personalized service from a Delta Community Home Loan Specialist can help you navigate refinancing your home. If you have questions or want to speak with a Home Loan Specialist over the phone, contact us toll-free at 866-963-7811 to get the answers you need.