Life changes. Mortgages can too.
With mortgage refinancing, TEGFCU can help make your mortgage work better for you. Does your current mortgage may no longer suit your financial needs? Is it costing you too much? Maybe you want to convert to a fixed-rate mortgage or shorten your home loan term. Let’s make sure your home loan gives you that same “home sweet home” feeling that your house does.
Refinancing your current mortgage loan can benefit you if your financial situation has changed or improved since your original purchase date. If you plan to be in your home long enough to benefit from the savings that a lower interest rate or payment could bring, paying off your current mortgage and getting a new loan to replace it can be worth it.
If you’re interested in seeing if TEGFCU can help you with refinancing your home, apply online to get started immediately or speak to one of our mortgage officers for assistance.
Why Refinance My Mortgage?
Refinancing a home loan with a lower mortgage rate can help reduce your monthly payments and your interest over the life of the loan. You may also be able to qualify for a better rate if your credit score has improved. TEGFCU offers flexible term lengths of up to 30 years and low interest rates, which helps shave off the excess on your home mortgage.
If you have a 30-year mortgage loan, you may want to refinance to a 15-year loan to pay it off quicker and save money on interest. That way, you can start paying off the principal sooner instead of dedicating monthly checks to interest payments.
Switching to a fixed rate from an adjustable-rate mortgage can be a good option if you want a rate that remains stable regardless of market fluctuations. Consider this option if interest rates are expected to rise or if you want to simplify your budget, knowing your payment will be the same each month
You can tap into your home’s equity and use the extra cash to pay off high-interest debt, fund a large purchase, or have easy access to cash when needed.
Conventional Mortgage & Refinance Rates
| Mortgage Type | Rate | APR* | Points |
|---|---|---|---|
| 30 Year Fixed | 6.500% | 6.640% | 0.875% |
| 20 Year Fixed | 6.250% | 6.431% | 0.875% |
| 15 Year Fixed | 6.250% | 6.417% | .500% |
APR = Annual Percentage Rate. Rates effective as of 06/26/2024. All loans are subject to approval. APR assumes a $300,000 loan amount with escrows a FICO score of 760 or higher for a loan for an owner-occupied (primary residence), single-family dwelling in New York State with a loan-to-value ratio of 75% or less, and no cash-out.
For example, a 30-year, $300,000 conforming mortgage with a fixed APR of 6.627% has an approximate payment amount of $1,896.20. Real estate taxes, insurance, and private mortgage insurance (if applicable) are not included; therefore the actual payment obligation will be greater. Your rate may vary based on your creditworthiness, loan amount, purpose, property type, occupancy, LTV, lock period, and other credit characteristics.
All rates and terms are subject to change without notice. No rate is guaranteed without a valid rate lock. A point is equal to 1% of the loan amount’s balance. Private mortgage insurance (PMI) is required on mortgages that exceed 80% loan-to-value (LTV). When refinancing, the maximum loan-to-value is 80% if you take cash out. Contact a TEG Mortgage Officer for further details. Other terms and conditions may apply.
Meet Our Mortgage Experts
Jeffrey Shields
Mortgage Officer
NMLS# 1466211
Jessica Schoen
Senior Mortgage Officer
NMLS# 22486
Kevin Arduino
Mortgage Officer
NMLS# 2514289
Matthew Bannan
SENIOR MORTGAGE OFFICER
NMLS# 404022
Darren Dibenedetto
Senior Mortgage Officer
NMLS# 404038
Scott McNally
Mortgage Officer
NMLS# 1841508
Easy to deal with. Scott and the team at TEG were a pleasure to work with. They made my re-fi experience so easy and were extremely accommodating to our needs to especially when it came to the closing. I would highly recommend Scott and TEG for anyone needing a mortgage or looking to re-fi as I did.
I started the refinance process with Jeffery in July, and I thought it would be an easy process, but my mortgage co. was a nightmare refusing to send needed letters, and documents or correct their misinformation. Jeffery stepped in to help me straighten out their mistakes. He never gave up when he was told that I couldn’t refinance for another three months. He was able to turn a no into a yes. If you want someone who will fight for you every step of the way, it’s Jeffery. If you want a knowledgeable person, it’s Jeffery. I closed in October with a much lower interest rate. Thank you.
Mortgage Refinance FAQs
Have additional questions? See our full list of Mortgage FAQs here.
Homebuying Questions?
Get answers in our Mortgage Learning Center.
Find helpful articles, tools, and other great resources to help you with your homebuying journey.
Apply for a TEGFCU Mortgage
To apply for a mortgage, you must either be a current member or become a member before closing. Membership is open to anyone (and their immediate families) who lives, works, worships, or attends school in Dutchess, Orange, Ulster, Putnam, Rockland, Sullivan, and Westchester County, NY with an initial $5 deposit, as well as Members of the Dutchess County SPCA or Child Care Council of Dutchess and Putnam Inc which are headquartered in our field of membership. Also, if you are purchasing a primary residence in one of these counties you are eligible for membership.
When we come together, everyone grows.
We Do Business in Accordance with Federal Fair Lending Laws – Fair Housing Poster.
Home Mortgage Disclosure Act Notice – The HMDA data about our residential mortgage lending are available for review. The data show: Geographic distribution of loans and applications Ethnicity, race, sex, and income of applicants and borrowers Information about loan approvals and denials. HMDA data for many other financial institutions are also available online. For more information, visit the Consumer Financial Protection Bureau’s website.
