Refinance Your Home with Azura
Homeowners choose to refinance their mortgage for a variety of reasons. Refinancing a mortgage with Azura can help you select a new term, lower monthly payments and/or reduce your interest rate.
We offer a variety of refinance terms and we are ready to help you find the right choice to fit your needs and goals.
- Your current residence address, or addresses, for the past two years.
- Social security numbers for all borrowers.
- Your employment history for the past two years.
- Income information for all borrowers.
- Information on your current property being refinanced: the year purchased, its original cost, current loan balance and payment amount.
- Bank, savings and brokerage account information for assets.
- If you own any real estate (other than the property you're refinancing), we'll have some basic follow up questions depending on the property type.
- Information about your current debts.
Discover the Benefits
Azura Credit Union will ensure your refinanced mortgage meets the needs of your family and aligns with your overall financial goals.
Build Equity Faster
Refinancing can often result in a reduction in your interest rate and your monthly payments, with more money going towards your principal.
Pay it Off Faster
Selecting a shorter term can help pay off your home loan sooner.
Get Things Done
Accessing your home's equity with a cash-out refinance can pay for home renovation projects, debt and more.
Lower Your Rate
Oftentimes, a refinance can lower your rate, ultimately lowering the amount of interest you pay on your home loan.
We make applying easy.
Simply apply online to start your refinancing journey. We are ready to help you pave the way!
Still Unsure About Refinancing Your Mortgage?
Contrary to what you may think, signing up for a mortgage loan doesn’t mean you’re stuck in a specific rate or term. Knowing when to refinance can help you understand how to cut your costs.
You should think about refinancing your mortgage when:
- Your credit has improved.
- Interest rates have changed.
- You wish to switch from an adjustable to a fixed-rate loan.
- You have equity you want to access.
Your Credit Has Improved
If you received your mortgage at a time when you had average credit or a short credit history and your score has since improved, you may qualify for a lower rate now. If so, you may be able to pay off the principal faster and more quickly build equity, or the difference between your home’s appraised market value and what you owe on it.
Interest Rates Dropped
The market may have changed since you got your mortgage. Many experts recommend refinancing if you can get a rate that’s at least one percentage point lower than your current rate. This can mean saving tens of thousands of dollars in interest costs overall if your current principal balance is large.
You Want to Switch from an Adjustable to a Fixed-Rate Loan
If you have an adjustable-rate mortgage, or ARM, you run the risk of the payments increasing, which can be hard to handle long-term if you have a level income. Refinancing may enable you to switch to a fixed-rate loan and take the uncertainty out of your mortgage payment plan, which is especially beneficial if you think rates will increase over time.
Access Equity
Many homeowners will refinance if they are needing to access their home's equity for large projects or to lower their monthly payment by extending the term.
Although refinancing has its advantages, it’s not for everyone.
Speak with an Azura Home Loans Consultant today about your refinancing options!
Calculate Your Refinance Options
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
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