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Home Sweet Home… Again

Nov 1, 2019 by Ginger R.

Buying a home can be a stressful life event. So why would anyone put themselves through a refinance less than a year later? Because sometimes it makes really good financial sense!

Paper cut-out of a house in front of the sunA home refinance simply means you're getting a new mortgage to replace your original mortgage. Your new loan – with a better rate or better terms – is used to pay off the original mortgage.

For most borrowers, the goal is a lower monthly payment. For others, the goal is to shorten the length of the loan. Regardless of your goal, a TTCU Mortgage Loan Officer can help you run the numbers and see if a refinance makes sense.

I purchased my home in November 2018. At the time, I was extremely happy with my mortgage rate, but I had no idea the rates would continue to drop. After talking over my options with my mortgage lender, I decided the savings were too good to pass up. Because I had purchased my home just a few months earlier, the refinance process was relatively simple. I completed the loan application, submitted a few financial documents and just like that, I was at the closing table.

But a mortgage refinance isn't always the best option. For my rental property, the numbers didn't add up because it's an "investment property." A new loan wouldn't have saved me any money, so I decided not to pursue a refinance.

Is a mortgage refinance right for you? I don't know, but I do know rates are near an all-time low right now. Ask one of our Mortgage Loan Officers to outline your options so you can make an informed decision about what's best for your financial future.


With approved credit. Some restrictions apply. Property and flood insurance may be required.
Equal Housing Lender.