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Mortgage Refinance Options

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Rethink your monthly mortgage payment.

Whether you’re looking to cash in on your home’s equity, adjust your payoff timeline, or rethink your monthly payment, we’re here for you. Our individualized approach to lending means we get to know you and your unique situation to find the perfect home loan solution for your personal financial goals. Call 1-800-914-8224 to connect with a local lender and get started today.
 

Find your fit below.

Cash-Out Refinance

When you choose a cash-out refinance, you replace your current home loan with a new mortgage for more than you owe on your home. At closing, you receive the difference in cash. This type of refinancing allows homeowners to access equity built in their property. It's a way to utilize the value of your home for various financial needs or investments.
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Rate Term Refinance

When you choose a rate/term refinance, you’re replacing your current home loan with a new mortgage that has a different interest rate or term (length of loan).
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Fixed and Adjustable Rate Mortgages

Who has ARMs, legs and the fixed-rate mortgages that fit your needs? We do, of course. Popular for buying or refinancing, our fixed and adjustable rate mortgage options come in varying term lengths and can fit whatever square footage you're looking to move into.4
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Renovation Loan

If she said the she-shed needs to be built, like, tomorrow or if you've simply outgrown your space, we can help you get the loan you need. United’s benefits include fixed or ARM rate conventional and jumbo loan options. You can lock your interest rate in upfront, and even lower it to meet a better rate at final closing.
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Jumbo Loans

We offer higher-than-conventional loan limit options for those dreaming BIG. Whether you are buying, refinancing or finally adding that movie theater room, we have the fixed-rate and ARM options to fit your unique needs.
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VA Mortgage Loan

You have served us, so let us to support you. For all past and present military members, and surviving spouses who are looking for help with buying a new home, we can assist you with a VA Mortgage Loan. Take advantage of potentially no down payments or mortgage insurance, low fixed rates and various repayment options.
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Physician Mortgage

For licensed physicians and doctors, we’ve designed a unique lending program just for you. Special rates are available for licensed physicians, fellows, interns, residents and dentists. This program is available for purchases or refinances with no down payment options, are ARM programs and do not require any private mortgage insurance.
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Frequently Asked Questions

With a cash-out refinance, you can turn your home equity into cash for any purpose, not just home improvements. Common reasons for a cash-out refinance are consolidating higher-interest credit card debt at a lower interest rate and paying for higher education.

With a cash-out refinance, the amount of your loan and your monthly payments will go up, but the interest rate on the cash you take out may be lower than other alternatives.

To learn more, check out this article: How Does a Cash-Out Refi Work?
 
You don’t. There are two other options: a home equity loan (HELoan) and a home equity line of credit (HELOC).

A HELoan is a second mortgage that usually has a fixed interest rate and monthly payments of the same amount every month. A HELOC works more like a credit card, but the interest rate is typically lower than a credit card.

You have a maximum amount you can borrow as needed. HELOCs usually have a variable interest rate and monthly payments that may go up or down.

Take a closer look at the differences: Should You Consider a HELOC or HELoan?
After you apply for a loan, your mortgage loan originator will ask if you want to lock in your interest rate. It’s a lender’s guarantee that your interest rate won’t change for a certain period of time, even if market rates go up. The lock is a holding period designed to last throughout the mortgage process and closing day.

Stop by one of our locations near you to speak with a loan officer or use our locator tool to find a mortgage loan officer.

If you'd like to speak with one of our customer support representatives, please call us at 1-800-UCBANK1 (1-800-822-2651).

It may be a good idea to refinance if you can:
  • Get a lower interest rate
  • Eliminate the expense of Private Mortgage Insurance (PMI)
Usually, a conventional loan requires 20% equity in your home and a good credit score of 620 or higher. If you’re not in this position right now, it can be a goal to work toward.

Get Seven Tips for Improving Your Credit Score.

Keep in mind that when you refinance, you’ll likely need to cover the cost of closing costs and fees.
It’s usually not the best idea to refinance before selling because you may not have time to recoup the expenses of closing costs and fees. A new home loan may also complicate the selling and buying processes. If you need to make home improvements before selling, a home equity line of credit (HELOC) or home equity loan (HELoan) may be a better option.

Learn more about HELOCs and HELoans: Should You Consider a HELOC or HELoan?
Everyone’s financial situation is different, but it may make sense for you to refinance your home, taking cash out to consolidate other debt that has higher interest rates like credit cards. When you pay less interest, you gain the opportunity to pay down your debt faster and improve your credit score.

Ask your mortgage lender about your options.
If you can refinance your home loan at a lower interest rate that frees up more of your income to buy a car, it may be a good move for you. It’s generally not recommended to take equity out of your home to buy a car, because a car is a depreciating asset that loses value over time, and if you can’t make the car payments, you may be at risk of losing your home.
Refinancing is something to consider if it allows you to:
  • Lower your interest rate
  • Reduce your monthly payments
  • Shorten your loan term
In making your decision, keep refinancing closing costs and fees in mind. Refinancing may not be worth it if you don’t plan to stay in your home long term. Talk with your mortgage lender to discuss the specifics of your situation.
Generally, people refinance their homes to take advantage of lower interest rates. Other reasons include:
  • Covering unexpected financial challenges
  • Dealing with emergencies and medical expenses
  • Facilitating major life changes like getting married, starting a family or caring for aging parents 
  • Consolidating higher-rate credit card debt
Evaluate your options with your mortgage lender before you decide.

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Angie Abston

VP, Mortgage Originator

Tammy Acker

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Bob Alman

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Jennifer Badger

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Susan Barkley

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Michael Dietz

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Eric Dunlap

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Sherry Griggers

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Brianna Grizzle

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Jim Hanrahan

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Tabitha Helms

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Ryan Hulton

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Jennine Hunter

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Joy Hutsell-Banks

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Courtney Johnston

VP, Mortgage Loan Originator

David Jolly

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Jenny Keenan

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Betsy Kelly

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Adam Kirby

Mortgage Loan Originator

Gwenn Lanning

VP, Mortgage Originator

Steve Ledford

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Bobby Matthews, Jr.

VP, Regional Sales Manager

Kitty Mauzy

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Kathy McClure

Mortgage Loan Originator

Blake McPherson

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Matt Meissner

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Lisa Mericle

VP, Mortgage Originator

Nick Morrone

Mortgage Loan Originator

Scott Nation

VP, Mortgage Originator/Regional Sales Manager

Kara Nungesser

AVP, Mortgage Loan Originator

Patti Peterson

VP, Mortgage Loan Originator

Jamie Pimentel

Mortgage Services - Area Sales Manager

Lisa Pittman

VP, Mortgage Originator

Bart Poynor

Mortgage Originator

Fiorella Rastelli

Mortgage Loan Originator

Mikell Richards

VP, Mortgage Originator/Regional Sales Manager

Donna Robertson

AVP, Mortgage Loan Originator

Anna Robison

Mortgage Loan Originator

Doug Schoonmaker

VP, Mortgage Originator/Area Sales Manager

Paul Secondi

AVP, Mortgage Loan Originator

Bryan Segers

Mortgage Loan Originator

Roseanne Smith

VP, Mortgage Originator

Ryan Smith

VP, Mortgage Originator

Erica Smith

Mortgage Loan Originator

Marie Spafford

Mortgage Loan Originator

Cindy Stone

VP, Mortgage Originator

Carolyn Swanner

VP, Mortgage Originator

Ginny B. Terry

Mortgage Loan Originator

David Turner

VP, Mortgage Originator

Susan Visi

Mortgage Loan Originator

Kim Witte

VP, Mortgage Loan Originator

Woody Woodfin

SVP, Regional Sales Manager

man working on his home with a home equity loan

Not Ready to Refinance?

Try Leveraging Your Home's Equity.

Sometimes it's just not the right time to refinance. Your home could still lend you a hand without you having to refinance your home. Consider a Home Equity Line of Credit (HELOC) or a Home Equity Loan. It might just be the solution you're looking for. 

  1. Not all borrowers will qualify. This is not a commitment to lend. Benefits listed may not apply to every borrower.
    ARM loans are variable rate loans. Interest rates and payments may increase after consummation. After the initial fixed-rate period, your interest rate can increase or decrease every six months according to the market index. Any change may significantly impact your monthly payment. 
    © 2023 United Community Bank | NMLS# 421841 | ucbi.com/mortgage | United Community Mortgage Services is the mortgage lending division of United Community Bank. We are an approved seller/servicer for the Federal National Mortgage Association (Fannie Mae) and the Federal Home Mortgage Corporation (Freddie Mac). Normal credit criteria apply.  This is not a commitment to lend.  Offer subject to change without notice.

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