Mortgage Refinance

A mortgage refinance will likely be easier than when you took out your original home loan because you've already gone through the process and know what to expect. Similarly, we know you've already qualified for a home loan so the process is faster on our side. Here's what happens:
 

• You provide the same information as when you applied for your original home loan, along with details of your existing mortgage and lender.
• We review your details and check you're eligible for a refinance, and we'll look at the ways you will benefit from a new home loan to make sure it's worthwhile.
• If approved, we'll offer you a new loan amount and rate for your chosen loan term and type. You may choose a fixed-rate mortgage or adjustable-rate mortgage (ARM).
• We sign the contract and pay off your old mortgage in full.
• You start making new monthly payments to Power Financial Credit Union.

These are the three main reasons to do a home refinance:
 

1. Take cash out
2. Lower your monthly payment through a longer loan term and/or lower rate
3. Shorten your loan term to get mortgage-free faster and save money on interest

Or, you may simply not like your current lender and prefer to switch to your friendly local credit union!

To work out how much home equity you have:
 

• Find out the current market value of your home. For example: $350,000
• Subtract your current mortgage balance. For example: $200,000
• You have equity of $150,000

You can use your cash-out for just about anything! Common uses include:
 

• Home improvements, remodeling, and repairs
• Vacations, weddings, and other family events
• Medical, dental, and vision expenses
• Unexpected expenses and emergency funds
• Debt consolidation of high-interest credit cards and loans

Refinancing your mortgage means taking out a whole new loan so you do generally need to pay closing costs.

Luckily, we're offering to pay up to 2% of your loan amount in closing costs for you!*

To be eligible for a mortgage refinance, you need to have an existing mortgage with another lender and you need to meet membership criteria for joining the credit union. It takes just a few minutes to join and then you can access a home refinance and all our other quality products and services.

Our membership consists of those who live, work or go to school in Broward, Charlotte, Collier, Lee, Martin, Miami-Dade, Monroe, Palm Beach County, Hillsborough, Manatee, Pinellas, Sarasota, or St. Lucie counties.

Immediate family of all current members are also eligible to join.

We're also proud to offer membership to our Select Employee Groups. Employees of Ryder System, Inc. FPL/NextEra Energy, and members and employees of Bonefish & Tarpon Trust, no matter where they're located, are always welcome to join.