Mortgage Refinance Options
Apply NowMortgage Refinance Options
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
Rate Term Refinance
Fixed and Adjustable Rate Mortgages
Renovation Loan
Jumbo Loans
VA Mortgage Loan
Physician Mortgage
Does mortgage refinancing make sense for you?
When it comes to refinancing your home, you typically have two options: a rate/term refinance or a cash-out refinance. So how do you know which one is right for you? The first step is understanding exactly what those terms mean. Learn how refinancing your home could work for you. Calculators are for informational purposes only and are not a commitment to lend.
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.
Find Your Local Lender
.png?width=140&height=140&ext=.png)
.png?width=135&height=135&ext=.png)
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?
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?
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 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.
- Get a lower interest rate
- Eliminate the expense of Private Mortgage Insurance (PMI)
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?
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.
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
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
Didn't find what you are looking for? View All FAQs or Contact Us
Learning Resources
-
Not all borrowers will qualify. This is not a commitment to lend. Benefits listed may not apply to every borrower.
2ARM 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.
