Your refinance journey starts here
There are a variety of reasons to refinance your mortgage and we’re here to help. From a traditional refinance to our unique Home Free Loan that allows you to pay off your home loan of $50,000 – $400,000 in 10 years with no closing costs, we have options to help you reach your goals.
Lower My Monthly Payment
Add money back to your monthly budget by refinancing to a lower rate or adjusting the term of your loan.
Pay Off Your Mortgage Faster
Shorten your mortgage term and save on interest. If your loan amount is between $50,000 to $300,000, take a peek at our unique Home Free Loan.
Refinance to a Fixed Rate
Move from an adjustable-rate mortgage to a fixed rate and lock in your rate for a consistent monthly payment.
Use the equity in your home to get the funds you need. Use the funds to pay off credit cards, make home improvements or pay for college.
Remove Mortgage Insurance
If you have 20 percent equity in your home, you can refinance to remove the expense of Private Mortgage Insurance – saving you money.
Please have the following:
- Last 30 days of paystubs
- Last two years of W2s
- Last two months of bank statements
- If you are self-employed, we will need your last two years of tax returns.
If you are applying jointly, they must also provide these documents.
A conventional loan requires a minimum credit score of 620 or higher to be eligible.
A conventional loan requires a 5% down payment.
Apply. You can apply before you find a home and get pre-approved. By doing this you’ll know how much you have to spend, you’ll be ready to make an offer faster and you can estimate your payment for your budget. There is no harm in getting pre-approved, it costs you nothing.
Closing Costs are fees being paid to the county to register your mortgage, title fees, lender fees and processing or underwriting fees. Pre-Paids are the funds that fund your escrow account. An escrow account sets aside a monthly amount of money needed to pay home owners insurance and property taxes.
No, your loan will always be serviced by Servion, our mortgage partner.
The 15-year fixed rate mortgage offers two big advantages for most borrowers: You own your home in half the time it would take with a traditional 30-year mortgage. You save more than half the amount of interest of a 30-year mortgage. Lenders usually offer this mortgage at a slightly lower interest rate than with 30-year loans. It is this lower interest rate added to the shorter loan life that creates real savings for 15-year fixed rate borrowers. The possible disadvantages associated with a 15-year fixed rate mortgage are: The monthly payments for this type of loan are roughly 10 to 15 percent higher per month than the payment for a 30-year. And, because you’ll pay less total interest on the 15-year fixed rate mortgage, you won’t have the maximum mortgage interest tax deduction possible.
What's your refinance goal?
Whether it's lowering your monthly payment or paying off your home sooner we're here to help. If your mortgage is between $50,000 and $400,000, check out our Home Free Loan featuring a no-closing-cost option.
Heartland Credit Union’s superior staff have always gone above and beyond for its members.
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Mortgage Refinance Disclosures
Heartland Mortgages are available to members in the following states: Minnesota, Wisconsin, Iowa, Illinois, Missouri, North Dakota, South Dakota, Michigan, Florida, Indiana, Kentucky, California, Arkansas, Georgia, North Carolina, Nebraska, Kansas, Ohio, New Hampshire, Tennessee, Texas, Louisiana, Connecticut, Oklahoma, Alabama, Delaware, Pennsylvania, New Mexico, Mississippi, South Carolina, New Jersey, Maryland, Colorado, Wyoming, Washington, Idaho, Maine, Utah and West Virginia.
Payment examples: For a 15 year loan for $100,000 with 5% downpayment at 3.50% interest rate, no points, and an APR of 3.896%, the monthly principal and interest payment is $715. The total of all interest payments for 15 years is $28,679 and the total of all payments for 15 years $128,679. Payments do not include amounts for taxes and insurance premiums, including property and mortgage insurance premiums. The actual payment obligation will be greater.
For a 30 year loan for $100,000 with 5% downpayment at 4.25% interest rate, no points, and an APR 4.701%, the monthly principal and interest payment is $492. The total of all interest payments for 30 years is $77,098 and the total of all payments for 30 years is $177,098. Payments do not include amounts for taxes and insurance premiums, including property and mortgage insurance premiums. The actual payment obligation will be greater.