Why Refinance?
There are actually several good reasons for people to consider refinancing their home mortgage. Here are a few:

• Save money. This is the main reason most people refinance. A lower interest rate often means lower payments, lower total loan cost, and faster equity accumulation. But be sure to let us help you with the math, as loan costs can often eat into the savings -- especially if you plan to move in a few years.
• Shorten the loan term. With lower rates, you may find you can refinance for a shorter term and still pay almost the same amount in monthly payments. And of course you can drastically reduce your overall interest payments.
• Convert to a fixed rate. By converting an adjustable rate to fixed, you'll have the peace of mind knowing that your payment amount will never change -- a big comfort. But remember, if you're planning on moving in just a few years, it may pay to keep the adjustable rate. Let us pencil it out for you.
• Take out cash. If you're disciplined about your finances and don't run up credit card and other debt again, this is a great way to lower your debt costs. You'll wipe out other debt and have just one monthly payment.

Are You Eligible?
To qualify for a refinance, you'll need to meet certain conditions:

• Home value. Generally, you must have a good share of equity in your home in order to qualify. But as home values stop appreciating or even decline, so does the equity. Keep that in mind when deciding when to refinance, because if home values are declining in your area, it may be wise to refinance sooner rather than later.
• Credit score. In today's economic climate, only those with very good credit scores will qualify for a refinance. So review your credit record, and if you spot any errors or other problems, deal with them before applying for your new mortgage.
• A conforming loan. The lowest rates are only available on home loans of $417,000 or less, known as conforming loans. Higher loan amounts are still commanding higher rates.

Ready to Start?
Refinancing can save you a significant amount. If you're ready to get started, here are tips to help:

• Check with us. Home loans are available from multiple places, but you can expect lower fees and better service here at your credit union.
• Know the cost. Let us show you a complete disclosure of rates, points and fees so you can calculate exactly how much you will save with a new loan.
• Choose the right loan. Select the loan type and term that's right for you, taking into account how long you plan to stay in your home.