Mobile Navigation

Close Mobile MenuOpen Site Search

Mortgage Refinance

We know life is always changing, so make sure your home loan matches where you are today.

Why Choose a Power Financial Credit Union Mortgage Refinance

Competitive Interest Rates

We'll help you get the best rate possible so more of your payment goes on your principal.

Flexible Terms and Types

Choose from a fixed-rate or adjustable-rate mortgage with loan terms of up to 30 years.

Quick and Easy Approval

We've streamlined our loan process so you'll get a fast answer without hassle or stress.

Reduced Closing Costs

For a limited time, we'll pay for eligible closing costs up to 2% of your loan amount.*

Details About Our Home Refinance Offer

A mortgage refinance lets you start over with a whole new home loan. It's a chance to lower your payment, get mortgage-free faster, access your home equity, or simply switch to a better lender.

  • Get a lower rate if your credit has improved or market rates have dropped
  • You can choose a new repayment term of up to 30 years
  • Extend your loan term for lower monthly payments
  • Shorten your loan term to get mortgage-free faster
  • Switch from fixed-rate to adjustable-rate or vice versa
  • Cash out equity to pay for home improvements, debt consolidation, and more
  • Enjoy a smooth and fast approval process
  • Use any of our secure and convenient payment options
Plus, we offer a Lender Credit of up to 2% of the loan amount to cover your eligible closing costs!*

Apply Now

Select Mortgage Refinance Rates

Fixed Rate Mortgages1

Term Rate APR Points
10 Year 6.250% 6.436% 0.000
10 Year - No Closing Costs Up to 2% of Amount Financed* 6.500% 6.504% 0.000
15 Year 6.250% 6.382% 0.000
15 Year - No Closing Costs Up to 2% of Amount Financed* 6.500% 6.503% 0.000
20 Year 6.500% 6.606% 0.000
20 Year - No Closing Costs Up to 2% of Amount Financed* 6.750% 6.752% 0.000
30 Year 6.625% 6.706% 0.000
30 Year - No Closing Costs Up to 2% of Amount Financed* 6.875% 6.877% 0.000
We also offer adjustable-rate and jumbo mortgage options. Click on the button below to see all our mortgage rates, types, and promotions.

Follow These Simple Steps to Apply for a Mortgage Refinance

Step 1


You can apply online, in-branch or by speaking with one of our trusted advisors.
Step 2

Review and Offer

We'll look at your financial picture and offer you a mortgage refinance with new rates and terms that meet your goals. 
Step 3

Pay Off Old Loan

We'll pay off your old mortgage in full and you'll start making your new and improved monthly payments.

"Always very helpful and friendly at any branch I visit!!"

- Jessica L.C.

Download Our Free Home Buyer’s Guide to Get Your Perfect Home Stress-Free

Whether it’s your first time or you’re an experienced homeowner, the process of buying a house can be intimidating. Plus, today’s housing market doesn’t make negotiating a good deal any easier.

This guide will give you the tools to find a dream home, negotiate the best deal, and pick the right lender and mortgage loan to meet your needs.

Topics covered include:

  • 5 Things to do Before Buying a House
  • 5 Stages of the Home Buying Process
  • 8 Things to do After Buying a House
  • Key Terms to Understand
Simply click on the button below to access our Home Buyer’s Guide.

Download Now

FAQs about a Mortgage Refinance

Accordion Section

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.

Apply Today or Get in Touch for More Information

Find Out More About Our Home Loan Options

Adjustable-Rate Mortgage

Lock in a lower rate for a set period while you get your ducks in a row. Then your rate and payment may go up – or down!

Fixed-Rate Mortgage

Relax knowing exactly how much your mortgage payment will be through your loan term so you can easily budget and plan for the future.

Veterans Mortgage

Eligible U.S. Veterans and other military personnel can get a VA loan with competitive rates, no down payment, no PMI, and no prepayment penalty.

Page Disclaimers

1The Annual Percentage Rate (APR) is calculated on a loan amount of $350,000 for the purchase of a single family primary residence. This annual rate of interest example takes into account a 20% down payment. For a Fixed Rate Mortgage Loan of $350,000 at 30 years at 6.750%, you would make 360 payments of $2,270.09. Payment amount does not include taxes and insurance. Actual payment amount will be greater.

*Power Financial Credit Union will pay for all eligible closing costs, excluding rate buy downs/points and prepaid items, up to a maximum of 2% of the loan amount. This is a limited-time promotion. All purchase and refinance fixed rate mortgages secured by a primary residence are eligible. Investment properties or second homes do not qualify. Subject to a three year recapture fee. If the loan is paid off earlier than 36 months (3 years), the lender credit will be added to the payoff.

Rates and offers are subject to change without notice. 

Power Financial Credit Union serves members across South Florida with 7 full-service branches and offers convenient account access from anywhere using its secure Online Banking and highly-rated Mobile App.