9.9.19
Should you refi your mortgage?

Find out if it makes sense for you to take advantage of low interest rates by refinancing now.
Historically low interest rates have homeowners across West Michigan wondering if it’s a good time to refinance their mortgages. For many, it is! Here are three reasons why it might make sense for you to refi.
Lower your monthly payment
Lower interest rates simply mean lower monthly payments. If current mortgage rates are lower than your existing mortgage, it’s worth figuring out if the time is right for a refi.
It just takes a few moments to use our Mortgage Refinance Break-Even Point Calculator. You’ll need to gather some info to get started:
- Your current mortgage monthly payment and balance
- Current interest rate of the loan you want
- Estimated closing costs; typically 1%-3% of the new loan amount depending on how large a loan you are considering
If you’re planning to stay in your home longer than the break-even point, refinancing is a smart money move for you.
Lock in a low rate
Borrowers with adjustable-rate mortgages (ARMs) who plan to stay in their homes a long time often switch to fixed-rate loans when rates are low. Locking in a low rate means they no longer have to be concerned with the ups and downs of mortgage rates.
Tap into your home equity
Home sweet home is more than a place to live—for most people, it’s one of their most valuable assets. Refinancing allows you to tap into your home equity without having to sell. With a cash-out refi, the new loan pays off your old mortgage and you get cash to use as you wish. In general, you can finance up to 80% of your home’s equity.
Consumers helps more than 1,300 members finance land, first and second homes, and home improvement projects each year. If you’re ready to refi or have questions, get in touch with a member of our mortgage lending team or give us a call at 800-991-2221. We’re here to help you!
We are maybe interested in refinancing our house, someone called a few weeks ago and left a message asking to call if we might be interested. I deleted that number and have no idea now how to get in touch with someone that we can talk to about refinancing.
Hi Sheryl, I have reached out to the person who called you and have asked for them to give you a call. Please let me know if you need anything else!
Hello,
I am looking into refinancing a duplex, investment property in the Grand Rapids area. Are you offering cash out refinance on investment properties. If so, what are your interest rates for this and loan/appraisal fees?
Thank you,
Alisha Lee
Hi Alisha, Yes we can refi a duplex with cash out and it would be best to connect you with one of our loan officers to discuss the guidelines and requirements. Please feel free to reach out to Zach Cook who is in Grand Rapids: https://www.consumerscu.org/personal/lending/mortgage/loan-officers