Mortgage Refinance

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Since you bought your home, you may be at a different stage of life or perhaps your needs have changed. Other factors to consider are changes in mortgage rates, new loan products and updates to tax laws. There are many reasons to consider refinancing + we’re here to help guide you along the way.

Why refinance your mortgage?

Refinancing your mortgage could potentially help you build your equity faster, save on interest, or even make use of the equity you already have. It could also lower your monthly payments, reduce the term of your loan, even help you consolidate date or make those home improvements you’ve been wanting to do. Consider a few questions before you begin the process.

Number One class="wrapper">

What goal do you want to achieve?

Write down what you want to accomplish by refinancing and how it will benefit you. Typically, homeowners refinance to either shorten the term of their mortgage so they can pay it off sooner, like in a Mortgage Eliminator Loan, or they take advantage of a lower interest rate.

Number Two class="wrapper">

How long will you be in your house?

Be aware of the expenses involved like closing costs and appraisal fees, to name a few. Depending on the loan, it may take a few years to recoup the savings. If you’re thinking of moving soon, you may want to hold off.

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What are the rates?

Most homeowners look to refinance when they can cut around two percentage points off their interest rate. However, there are also plenty of financial advantages with refinancing if the rate savings are less than two percent, such as reducing the term of the loan in addition to rate savings and rolling debts into a consolidation refinance loan to reduce overall payments.

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Who can help me achieve this?

Talk with a mortgage specialist today to discuss if refinancing your mortgage is a smart financial choice. It’s important to think about what’s best for you. At Allegacy, we offer a variety of mortgage refinancing solutions and knowledgeable specialists to help you make the best decision for you.

Mortgage Refinance Options

Which of the following options apply to you? Select all that apply.

What others are saying ...

Allegacy made everything so easy. They also have some of the best rates for mortgages.Everyone kept me up to date on what was needed or expected from me.

Karen E.
— member from Lexington, NC

View Our Rates

Adjustable Mortgage Rates
Our ARM's just got an upgrade - check out our newest 15/15 ARM!

Program

Rate

APR*

*APR = Annual Percentage Rate. Rates are subject to change without notice. Rates last updated on 09/29/2022 at 2:00pm (EST). Mortgage rates are based upon a variety of assumptions and conditions. The credit score used in this estimate may be higher or lower than your personal credit score. A loan’s interest rate will depend upon specific characteristics of the loan and the credit history through the time of closing.

Program

5/1 ARM (Conforming-30 year term)

Rate

6.250% with points

APR*

4.402%

Program

7/1 ARM (Conforming-30 year term)

Rate

6.500% with points

APR*

4.922%

Program

10/1 ARM (Conforming-30 year term)

Rate

6.375%

APR*

5.387%

Program

15/15 ARM (Conforming-30 year term)

Rate

5.125%

APR*

5.083%

Program

10/1 ARM (Conforming-30 year term) Medical Professional Program

Rate

7.125%

APR*

5.926%

Program

7/1 ARM (Jumbo-30 year term)

Rate

6.750% with points

APR*

4.990%

Program

10/1 ARM (Jumbo-30 year term)

Rate

6.500%

APR*

5.405%

Program

10/1 ARM (Jumbo-30 year term) Medical Professional Program

Rate

6.500%

APR*

5.405%

See Mortgage Loan payment examples »

Fixed Mortgage Rates

Program

Rate

APR*

*APR = Annual Percentage Rate. Rates are subject to change without notice. Rates last updated on 09/29/2022 at 2:00pm (EST). Mortgage rates are based upon a variety of assumptions and conditions. The credit score used in this estimate may be higher or lower than your personal credit score. A loan’s interest rate will depend upon specific characteristics of the loan and the credit history through the time of closing.

Program

30 Year Fixed (Conforming-Purchase)

Rate

6.500% 

APR*

6.763%

Program

30 Year Fixed (Conforming-Cash Out Refinance)

Rate

7.000%

APR*

7.275%

Program

15 Year Fixed (Conforming-Purchase)

Rate

5.500% with points

APR*

5.907%

Program

15 Year Fixed (Conforming-Cash Out Refinance)

Rate

6.000% with points

APR*

6.420%

Program

30 Year Fixed (Jumbo)

Rate

6.500% with points

APR*

6.678%

See Mortgage Loan payment examples »

Mortgage Eliminator Loan

APR*

*APR = Annual Percentage Rate.

**All Allegacy real estate secured loans are subject to legal requirements in the member’s state of primary residence. Mortgage Eliminator Loans for primary or secondary residence with terms of 7, 8, 9, 10, 12, or 15 years. Mortgage Eliminator Loans are available in California, Connecticut, Delaware, District of Columbia, Florida, Georgia, Illinois, Indiana, Maryland, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Virginia, Texas, and West Virginia. For example, a $110,000 loan financed for 120 months at 4.07% APR would result in an approximately monthly payment of $1,117.36. Appraisals are required on loan amounts greater than $100,000 for primary residence. Appraisals are required on any loan amounts for secondary residence.

Primary Residence up to $750,000**

APR*

as low as 3.84%

Secondary Residence up to $750,000**

APR*

as low as 4.14%

See Mortgage Loan payment examples »

VA Mortgage Rates

Program

Rate

APR*

*APR = Annual Percentage Rate. Rates are subject to change without notice. Rates last updated on 09/29/2022 at 2:00pm (EST). Mortgage rates are based upon a variety of assumptions and conditions. The credit score used in this estimate may be higher or lower than your personal credit score. A loan’s interest rate will depend upon specific characteristics of the loan and the credit history through the time of closing.

Program

VA 30 Year (VA)

Rate

6.250%

APR*

6.841%

See Mortgage Loan payment examples »

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