Reduce your monthly payment, take cash out, or pay your mortgage off quickly with a shorter term. We have a variety of refinancing solutions to fit your needs.
Is now the right time to refinance your mortgage? Our mortgage professionals will work with you to ensure a smooth refinancing process.
Lock into a fixed rate with terms ranging from 10 to 30 years, or consider an adjustable rate with budget-friendly payments.
- No application fee
- Quick pre-qualification
- No pre-payment penalties
Tools and Resources
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Should I refinance my mortgage?
Over the last couple of years with interest rates at a 40-year low, many people refinanced their mortgages. Even though rates have crept up over the last couple of months, refinancing may make sense for you. Use our refinance calculator to analyze your situation today!
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Retire Your Mortgage
Whenever you do decide to make your move toward retirement, be sure you retire your mortgage too. Don't retire with a mortgage.
Learn More about Retire Your MortgageLoans are subject to credit union membership eligibility, credit approval, and verification of information provided on the application. Other terms and conditions may apply. Terms and conditions subject to change at any time without prior notice.
FAIRWINDS does not service FHA or VA loans.
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What is the Best Way to Refinance Your Mortgage?
While 30-years is a popular term homebuyers choose for their mortgage, financial freedom seekers are looking to pay off their home as quickly as possible instead. One way you can reach this financial freedom milestone faster is refinancing your mortgage to a 15-year term to save thousands of dollars in interest.
Attacking your mortgage and paying it off will give you the confidence to stay financially fit and own your home free and clear of payments
How Mortgage Refinancing Works
Whether you have other debt you’re paying off or your mortgage is the last balance to kick to the curb, refinancing your mortgage can save you money and lessen the amount of time you have ongoing mortgage payments.
Is it advisable to get another 30-year mortgage?
We encourage all financial freedom seekers to pay off their mortgage with a shorter-term, like 15-years, to get the most of your refinance. This means securing a low interest rate to pay off your mortgage faster. The monthly payments might be higher, but you’ll be closer to eliminating your mortgage payments. Combine this with the amount you’ll save in interest, and you’ll be on your way to seeing what financial freedom looks like.
How does a credit score affect your mortgage rate?
It’s critical for a homeowner to have a healthy credit score. If you're thinking about refinancing your mortgage, use your credit responsibly and don’t miss any other payments along the way.
You can improve your credit rating by being financially responsible and avoiding late payments. Set up payment reminders with text and email account alerts to never forget your due dates. Pay off all other debts as quickly as possible, including your credit card, loans, or car. Never exceed your credit limit, and don’t spend more than what you earn. If you don’t know where to start with paying off your balances, use our free debt snowball calculator to see how quickly you can gain momentum to destroy your debt.
What are other recommendations to put in action?
Start by fine-tuning your budget and see where there’s opportunities to make additional payments, like reducing expenses or applying any bonuses and raises toward your balance.
In addition to revamping your budget and lessening your term with a lower interest rate, making bi-weekly payments can accelerate your mortgage payoff. You’ll be paying half of your monthly payment once every two weeks instead of paying your mortgage once a month. Making 26 half payments results in 13 full payments over a 12-month period, and these payments reduce the length of your loan.
Should You Refinance Your Mortgage?
Homeowners want to refinance for a few reasons, but the most common are to take advantage of the lowest mortgage refinance rates and pay off their mortgage.
When you refinance, your existing loan is updated, including your mortgage interest rate, payment schedule, and other terms. Since refinancing involves diving in to your credit and repayment status and your monthly payment will increase, it’s important to know how these factors affect you and if they fit within your financial freedom plan.
How to Refinance Your Mortgage
The first step before applying for a mortgage refinance is determining your goals.
Homeowners refinance their mortgage for a variety of reasons:
They have an adjustable rate mortgage.
Homeowners start with a fixed rate interest on the first few years, then the market determines the rate for the succeeding years. There might be higher interest rates with this type of mortgage.
They pay higher interest rates for their mortgage.
When you have a 30-year mortgage term, the interest rate will be higher. Although monthly mortgage payments are lower, the amount of money owed in interest is more. Even though there are higher mortgage payments each month, a 15-year term can help you save thousands of dollars in interest.
Here’s what to do to get your mortgage refinance started:
1. Determine your goals.
List your goals, then speak with one of our mortgage experts to offer you the best mortgage solutions.
2. Get some of the best mortgage refinance rates from FAIRWINDS.
We’re here for you with some of the lowest shorter-term mortgage rates nationwide.
3. Submit your mortgage application.
As soon as you have an offer that fits your needs, gather all necessary documents, and submit your application. FAIRWINDS does not charge a mortgage refinance application fee.
4. Lock in a mortgage interest rate.
FAIRWINDS’ Rate Re-Lock Program has you covered and makes it easy to lock in your mortgage rate, even if the rates go up.
5. Close the loan.
The last step is to close the loan and work towards achieving financial freedom by making payments – and extra payments – as quickly as possible to pay off your mortgage.
Refinance Your Mortgage with FAIRWINDS
FAIRWINDS offers affordable mortgage solutions in Alabama, Arizona, California, Colorado, Connecticut, Florida, Georgia, Massachusetts, North Carolina, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington. No matter where you are, we are committed to providing memorable member experiences and helping you achieve financial freedom. With our 15-year mortgage refinance rates, you can save thousands of dollars in interest and pay off your home in record time.
Are you ready to refinance your mortgage and get started with your journey to financial freedom? Make an appointment online or contact one of our mortgage experts at 407.206.8125 or 1.888.413.0672