Are you looking to lower your monthly bills, while possibly reducing your long-term debt?
Greater Alliance Federal Credit Union has a simple solution – refinance your existing mortgage.
With many people struggling with lost or reduced income due to the COVID pandemic and interest rates at historically low levels, now is the time to overhaul your mortgage, said Sheryline Ingersoll, Director of Marketing, Greater Alliance Credit Union.
“With what’s going on in the world right now, a lot of people want or need to save on their finances,” Ingersoll noted. “This is the best time to refinance. Homeowners can lower their monthly payment and can even shorten the term of their loans so they can pay them off sooner. ”
This, she added, frees up money for savings or other necessities. Homeowners can also use the refinancing process to consolidate other debt, such as high interest credit card payments.
“Refinancing is just a fancy way of saying you want a new, better mortgage payment,” Ingersoll said. “Greater Alliance Credit Union will make sure your refinanced mortgage meets your family’s needs and aligns with your overall financial goals.
“It’s a particularly good option if you’ve bought your current home with a high interest rate and have a good credit history,” Ingersoll said. “Refinancing your home can also help homeowners eliminate private mortgage loan insurance. ”
Greater Alliance offers several refinancing options, with different terms, including 10, 15, 20 and 30 year mortgages. The credit union, which serves customers in Passaic and Bergen counties, also offers a variable rate loan.
“The 5/5/30 is really a good option for homeowners who have a 640-680 credit score and can take advantage of the low rate or for homeowners who don’t plan on staying at home for a long time. but have a low score, ” Ingersoll said. “This is when your rate is set low for five years, giving you the ability to work with our resources to increase your FICO score and refinance to a fixed rate mortgage afterward. or sell your house after 5 years. ”
Applying online is easy. It is not necessary to visit a branch.
“Members of credit unions can start their online refinancing applicationIngersoll said. “It’s very easy. Or, they can schedule a Phone or Zoom meeting with an experienced mortgage representative. Many of our representatives are bilingual.
“Our mortgage representatives can advise homeowners whether refinancing is right for them, based on their current rate, how long they plan to stay in their home and other factors,” Ingersoll said.
When financing through Greater Alliance, homeowners pay no application fees or rate blocking fees. Closing costs only include third-party costs such as escrow, appraisal, title insurance and other customary charges, which can be included in the new loan if a homeowner wishes. she declared.
“Because the rates are so low, some homeowners may be able to refinance for a term of 15 years, allowing them to pay off their mortgage sooner,” Ingersoll said. “It’s always important to have a credit union in your back pocket for these special milestones. Whether it’s for a mortgage or a personal need, we’re here to help you reach your financial goals because we’re family, not just a number. “
To join a credit union and apply for a refinance loan – or other credit union services – homeowners simply open an online savings account with at least $ 100. To be eligible, you must also be a U.S. citizen or permanent resident and live, work, own a business, attend school, volunteer, or worship in Bergen or Passaic counties.
Founded in 1937, the Greater Alliance Federal Credit Union was originally a way for teachers to save money and manage their finances. Over the years it has grown to serve the communities of Bergen and Passaic counties and continues to be a strong and stable credit union.
Credit unions are non-profit financial institutions that generally offer lower interest rates on loans and higher interest rates on deposits.
Learn more about refinancing through Greater Alliance Credit Union here. Or call (888) 554-2328.