See the Many Benefits of a Mortgage Refinance
Change Your Mortgage Type
Avoid uncertainty and switch from an adjustable-rate mortgage to a fixed-rate loan.
Extend or Shorten Your Term
Get a longer term for lower payments or a shorter term to be mortgage-free faster.
See What Rate You Can Get
If your credit score has improved or market rates have dropped, you may qualify for a lower APR.
What You Need to Know About a Mortgage Refinance
A mortgage refinance means you take out a whole new mortgage to replace your original home loan. Here's why it might be worth the extra paperwork:
- You can change your mortgage type based on better information or market activity.
- You can choose a new term of 10, 15, 20, or 30 years to get the right payment for your budget.
You may qualify for a lower interest rate if your finances have significantly improved.
You may have an out-of-state mortgage servicer that isn't meeting your needs.
We offer local loan servicing, so you'll always know who you're dealing with.
We'll maintain your escrow account for taxes and insurance and be sure to pay on time.
Enjoy These Features of a JHFCU Mortgage Refinance
Find out if our home loan rates can beat your current lender.
Simply open a JHFCU Checking or Savings account, then transfer funds to your mortgage account.
Use our mortgage calculator to find your ideal payment.
Learn More About Applying for a Mortgage Refinance
Mortgage Refinance FAQs
How does the refinancing process work?
To refinance your mortgage, you follow many of the same steps as when you got your original home loan, but there are a few important differences. Here’s what you need to know:
You can refinance your mortgage with your existing lender or a new lender.
Once you apply, you’ll need to pay for a credit report and home appraisal to determine your eligibility.
You'll need to pay closing costs just like for your original mortgage, which you can choose to include in your loan amount.
A refinance may or may not let you access cash based on your home equity.
Once you've done all your research and are sure a refinance is right for you, you can agree to the new loan terms.
Your existing mortgage will be paid in full and you'll start making payments on your new mortgage.
What are the advantages of a mortgage refinance?
There are many potential advantages to refinancing your mortgage, some of the most common ones are:
You're not satisfied with your current lender or mortgage servicer and want to try a more personal approach with local servicing.
You want to change from an adjustable-rate mortgage to a fixed-rate mortgage, or another mortgage type.
You may qualify for a lower interest rate.
You want to shorten your loan term to save on interest.
You want to extend your loan term to lower your monthly payment.
Will I get a better rate than my existing rate?
It may be possible to get a lower interest rate when you do a mortgage refinance, but this will depend on a number of factors:
If your financial situation, debt-to-income (DTI) ratio and credit score have significantly improved.
If market rates have dropped since you took out your original loan.
If you shorten your loan term.
How can I pay my JHFCU mortgage each month?
There are many options for making a payment when you refinance your mortgage with JHFCU:
Online Transfer: Set up a recurring transfer or make a one-time transfer online from your checking, savings, or another transactional account to your mortgage account. Payments are credited and account balances are updated immediately.
JHFCU TeleBranch 24: Transfer your payment from a JHFCU account to your mortgage; just use your loan suffix number between 70 & 77 (EX: XXXXXXXXX-XX.)
Pay Online from an Outside Bank: Set up JHFCU as a payee using your 9-digit JHFCU Account number - 2-digit loan suffix number between 70 & 77 (EX: XXXXXXXXX-XX.)
Pay by Check at a Branch or via Mail
Pay by Transfer In-PersonNOTE: When setting up Online Bill Payment from JHFCU and/or outside accounts, use JHFCU’s main address, 2027 E Monument St, Baltimore, MD 21205
Do I need to be a member of Johns Hopkins Federal Credit Union to do a mortgage refinance?
Yes, you'll need to become a member first. Joining is quick and easy, see our eligibility requirements and fill out your application here!
Then you'll be set to use your loan funds while enjoying all the benefits of credit union membership, like great rates and friendly, local service.
Learn More About Mortgages
Home Loan and Equity Options for You
Enjoy the peace of mind that comes with knowing your rate and monthly payment will stay the same through the life of your loan. Plus, choose your term!
HomeFree Home Loan
If you have significant equity in your home, you could enjoy the benefits of a refi without the closing costs. Potential to lower your rate or change your term.
Home Equity Loans and Lines of Credit
Leverage the equity in your home to pay for renovations, weddings, college, debt consolidation, and more.