Save money each month by refinancing your house

By refinancing and locking in a better rate on your loan, you could reduce your monthly payment and save thousands of dollars in interest on the life of your mortgage. A lower interest rate also could allow you to build equity in your home more quickly.

Items you’ll need

If you’re considering refinancing your home loan with Oregon State Credit Union, be sure to start by gathering this information:

  1. Income verification: A copy of your most recent year-to-date paystub documenting one full month of income and W-2(s) from the most recent tax year.

  2. Tax returns: If any borrower on the loan is self-employed, a copy of your most recent two year complete federal tax return (all schedules) including business returns, if applicable.

  3. Asset statements: A copy of your most recent statement(s) for each account such as depository, stock and/or bond and retirement accounts.

  4. Home owners insurance: A copy of your current home owner insurance policy declaration page.

  5. Current mortgage statement: A copy of your most recent mortgage statement if your loan is finances with someone other than Oregon State Credit Union.

  6. A short note: State what you would like us to help you with.

Close your existing mortgage

When you refinance, you close your existing mortgage and create a new one. The approval process to refinance is similar to the process of obtaining your original loan. The Home Loan Center at your credit union will consider your income and debt, credit score, and other factors affecting your financial situation.

Your down payment and credit score matter

Your new interest rate will be based primarily on your down payment and credit score. When considering a refinance, you also want to understand your break-even point: Weigh the costs of refinancing against how much you’ll save each month to know when you will recoup costs over the length of your new loan.

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