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Get a better mortgage

Home Refinancing

You don’t have to stay stuck with your same mortgage forever. Whether you want to lower your monthly payment, switch to a better rate, or access the equity you've built, Firemen’s Federal Credit Union is here to help.
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Two ways to refinance

Regular refinancing
Also called a rate-and-term refinance, our regular refinancing is great when you want to lower your monthly payment, reduce your interest rate, or pay off your loan sooner.

  • Fixed rate that won’t go up
  • Flexible terms available to meet your budget
  • Competitive low rates

Cash-out refinancing
Convert your home equity into cash by replacing your existing mortgage with a new, larger loan. Use equity for home improvements, debt consolidation, or just about anything.

  • Fixed rate that won’t go up
  • Flexible terms available to meet your budget
  • 95% loan-to-value (LTV) financing

Want to speak with someone? Contact us to discuss your situation. We’re here for you!

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Reasons to refinance

The biggest reason you’d want to refinance is probably to save money, but there are many reasons homeowners choose to refinance with Firemen’s Federal.

1

Lower interest rate

If rates have dropped or your finances have improved, you could qualify for a lower interest rate, which could potentially save you thousands of dollars in interest over the life of your loan.
2

Lower monthly payment

By changing your term or lowering your interest rate, you could reduce your monthly mortgage payment, giving your budget some breathing room.
3

Change your term

You could change to a longer term for lower monthly payments or a shorter term to pay off your mortgage faster and save on interest charges.
4

Change your loan type

Refinancing can help you change your loan type to better suit your needs, such as moving from an adjustable rate to a fixed rate or moving from an FHA loan to a conventional loan.
5

Change your lender

If you’ve had a bad experience with a different lender, refinancing with Firemen’s Federal can give you a fresh start. Our team is here to help you every step of the way!

Explore more home equity options

Home equity loans and lines of credit (HELOC) are great tools for homeowners to borrow from their homes without refinancing.

Learn About Home Equity Options

What our members say

Best credit union

"This credit union has by far been the best one I have had. I've had several in my life time, but this one works with you and helps you. They find ways to help your credit and give you loans when other places will not. I love that they value their customers before anything. I strongly recommend them to anyone. "

- Jeffery S.

Affordable loans

"I love Firemen's! I couldn't get a loan from a bank because I filed bankruptcy six years ago, and Firemen's approved me with no problems. I have a cheap note and low interest rate. Thanks for given me and my credit another shot!"

- Felicia D.

Best rates

"Before joining Firemen's, we had several accounts at several banks. Firemen's allowed us to move all of our accounts to one place. We also have purchased two vehicles through the credit union. They really went above and beyond to assure that we got the best rates. We are truly happy with our Firemen's!"

- Walter A.

We're here to help

Mortgage Refinancing FAQs

You may want to refinance when interest rates drop, your credit improves, your home value has increased significantly, or you want to lower your monthly payment.

Refinancing typically includes closing costs, similar to when you buy a property, such as appraisal fees and title fees. We’ll help you understand all costs upfront so there are no surprises.

You’ll usually need proof of income, credit information, details about your current mortgage, and information about your home. Our team will guide you through each step.

A home equity loan is a second loan with its own payment, while a cash-out refinance replaces your current mortgage with a new, larger one. You might prefer a home equity loan if you have a low rate on your mortgage and don’t want to change it.

DTI is the percentage of your monthly income that goes toward debt obligations. If your DTI is too high, it means too much of your money is getting eaten up by debt. Lenders use DTI to understand how comfortably you can manage a new loan.