1. Discover you’re eligible to become a PenFed member
2. Open a Savings/Share Account and deposit at least $5
What is Refinancing?
Refinancing your mortgage means taking out a new mortgage to pay off and replace your existing mortgage. This is typically done to achieve a better interest rate, reduce your term, or even get cash to consolidate debt.
Types of Refinancing Loans
Rate-and-Term Refinance – lets homeowners change their existing loan’s interest rate, term or both.
VA Interest Rate Reduction Loan (IRRRL) - is a streamline refinance (This is the VA’s version of a rate-and-term refinance) it lets homeowners change their existing loan’s mortgage rate, loan term, or both.
Cash-Out Refinance - to take advantage of the equity in your home
Home Equity Line of Credit (HELOC) – a revolving line of credit secured by your home to use for large expenses or to consolidate higher-interest rate debt from other loans.