Refinance Your Home Loan

For fixed-rate, adjustable-rate, and FHA mortgages
It’s your Advantage

Advantages

1 class=”wrapper”>

Lower Your Monthly Payment

Refinancing your home loan allows you to lower your interest rate and reduce your monthly payment.

2 class=”wrapper”>

Reduce the Term of Your Loan

Choose a shorter term to pay off your mortgage faster.

3 class=”wrapper”>

Consolidate Your Debt

Combine all your high interest debt into one affordable, low interest payment.

4 class=”wrapper”>

Make Home Improvements

Use the cash you save from refinancing to make improvements to your home.

Estimate Your Monthly Savings with a Fixed-Rate Mortgage

Enter a total loan amount into this refinance calculator to estimate your monthly savings from refinancing your home loan.

Calculated payments shown are for estimation purposes only. Actual loan payment amount will be disclosed at loan closing and may differ slightly.

Today’s Rates

If you’ve had your mortgage for several years, now could be the ideal time to refinance to a lower interest rate. Available for conventional fixed-rate mortgages, adjustable-rate mortgages and FHA loans with quick in-house processing.

Fixed Rate Mortgages

Loan Type

Minimum Interest Rate

APR

*APR: Annual Percentage Rate. This interest rate is current as of 4/30/2024. Rates and terms based on credit criteria. Credit restrictions apply. The interest rate charged and the annual percentage rate are constant for the life of the loan. Assuming a $200,000 loan amount, a 15-year term, and a 6.694% APR, you would make monthly payments of $1,742.21. Payments are estimates only and only include principal and interest. Minimum/Maximum: The minimum refinance loan amount is $50,000. Interest rates are subject to change and are based on credit score, loan product, loan term, and loan value.

**APR: Annual Percentage Rate. This interest rate is current as of 4/30/2024. Rates and terms based on credit criteria. Credit restrictions apply. the interest rate charged and the annual percentage rate are constant for the life of the loan. Assuming a $200,000 loan amount, a 20-year term, and a 6.655% APR, you would make monthly payments of $1,491.15. Payments are estimates only and only include principal and interest. Minimum/Maximum: The minimum refinance loan amount is $50,000. Interest rates are subject to change and are based on credit score, loan product, loan term, and loan value.

***APR: Annual Percentage Rate. The interest rate is current as of 4/30/2024. Rates and terms based on credit criteria. Credit restrictions apply. The interest rate charged and the annual percentage rate are constant for the life of the loan. Assuming a $200,000 loan amount, a 30-year term, and a 6.871% APR, you would make monthly payments of $1,297.20. Payments are estimates only and only include principal and interest. Minimum/Maximum: The minimum refinance loan amount is $50,000. Interest rates are subject to change and are based on credit score, loan product, loan term, and loan value. Private Mortgage Insurance (PMI) may not be required for purchases of up to 95% LTV.

Loan Type

15-Year Fixed

Minimum Interest Rate

6.500%

APR

6.694%*

Loan Type

20-Year Fixed

Minimum Interest Rate

6.500%

APR

6.655%**

Loan Type

30-Year Fixed

Minimum Interest Rate

6.750%

APR

6.871%***

Adjustable Rate Mortgages

Loan Type

Minimum Interest Rate

APR*

*APR: Annual Percentage Rate. Fixed 6.250% / 6.323% APR for the first five years. The interest rate is current as of 4/30/2024. No Private Mortgage Insurance. Up to 80% LTV for purchases. Maximum loan amount is $510,400. After the five-year fixed-rate period, your interest rate is subject to change- up or down according to market rates at the time of reset and each five years thereafter. Offer applies to borrowers with a credit score of 720 or better depending on credit qualifications. All Credit Union loan programs, rates, terms, and conditions are subject to credit approval and may change at any time without notice. The payment on a 30-year, $200,000, 5-year Adjustable-Rate Loan at 6.250% / 6.323% APR and 80% loan-to-value (LTV) is $1,231.43. Rate is variable and can increase by no more than 2% every 5 years with a lifetime maximum adjustment of 5%. Since the index in the future is unknown, the First Adjustment Payment is based on the current index plus a margin (fully indexed rate) as of the date above. After 5 years, the maximum payment is $1,502.53. Property insurance and, if applicable, flood insurance is required. These payments do not include taxes and insurance premiums. The actual payments will be greater and rates provided are based on current market rates, and are informational only. Payments are estimates and include only principal and interest. Some restrictions may apply. This rate is applicable for owner-occupied purchase of a single-family dwelling.

**APR: Annual Percentage Rate. Fixed 6.750% / 6.461% APR for the first five years. The interest rate is current as of 4/30/2024. No Private Mortgage Insurance. Up to 80% LTV for purchases. Minimum loan amount is $510,400. After the five-year fixed-rate period, your interest rate is subject to change- up or down according to market rates at the time of reset and each five years thereafter. Offer applies to borrowers with a credit score of 720 or better depending on credit qualifications. All Credit Union loan programs, rates, terms, and conditions are subject to credit approval and may change at any time without notice. The payment on a 30-year, $510,000, 5-year Adjustable-Rate Loan at 6.750% / 6.461% APR and 80% loan-to-value (LTV) is $4,710.44. Rate is variable and can increase by no more than 2% every 5 years with a lifetime maximum adjustment of 5%. Since the index in the future is unknown, the First Adjustment Payment is based on the current index plus a margin (fully indexed rate) as of the date above. After 5 years, the maximum payment is $5,5713.41. Property insurance and, if applicable, flood insurance is required. These payments do not include taxes and insurance premiums. The actual payments will be greater and rates provided are based on current market rates and are informational only. Payments are estimates and include only principal and interest. Some restrictions may apply. This rate is applicable for owner-occupied purchase of a single-family dwelling.

Loan Type

5/5 ARM

Minimum Interest Rate

6.250%

APR*

6.323%*

Loan Type

5/5 Jumbo ARM

Minimum Interest Rate

6.750%

APR*

6.461%**

Mortgages for Professionals

Term

Rate (as low as)

Annual Percentage Rate (APY)*

6. APR: Annual Percentage Rate. Rates and terms based on credit criteria. Credit restrictions apply. Fixed 6.250% rate/ 6.323% APR for the first five years. The interest rate is current as of 4/30/2024. No Private Mortgage Insurance. Up to 100% LTV for purchases. Minimum loan amount is $100,000 and maximum loan amount is $1,500,000. After the five year fixed-rate period, your interest rate is subject to change- up or down according to market rates at the time of reset and each five years thereafter. Offer applies to medical professionals (licensed residents/interns/fellows in MD, DO, DPM, DDS, DVM, NP, PA and other practicing medical professionals with master’s level education and above. Borrower must have a credit score of 670 or better depending on credit qualifications. All Credit Union loan programs, rates, terms, and conditions are subject to credit approval and may change at any time without notice. The payment on a 30-year, $200,000, 5-year Adjustable-Rate Loan at 6.250% rate/ 6.323% APR and 80% loan-to-value (LTV) is $1,231.43. Payments are estimates and include only principal and interest. Rate is variable and can increase by no more than 2% every 5 years with a lifetime maximum adjustment of 5%. Since the index in the future is unknown, the First Adjustment Payment is based on the current index plus a margin (fully indexed rate) as of the date above. After 15 years, the maximum possible payment is $1,502.53. Property insurance and, if applicable, flood insurance is required. These payments do not include taxes and insurance premiums. The actual payments will be greater, and rates provided are based on current market rates, and are informational only. Some restrictions may apply. This rate is applicable for owner-occupied purchase of a single-family dwelling. All Credit Union loan programs, rates, terms, and conditions are subject to credit approval and may change at any time without notice. Interest rates are subject to change and are based on credit score, loan product, loan term, loan value, and reserves.

7. APR: Annual Percentage Rate. Rates and terms based on credit criteria. Credit restrictions apply. The interest rate is current as of 4/30/2024. No Private Mortgage Insurance. Up to 100% LTV for purchases. Minimum loan amount is $100,000 and maximum loan amount is $1,500,000. Offer applies to medical professionals (licensed residents/interns/fellows in MD, DO, DPM, DDS, DVM, NP, PA and other practicing medical professionals with master’s level education and above. Borrower must have a credit score of 670 or better depending on credit qualifications. All Credit Union loan programs, rates, terms, and conditions are subject to credit approval and may change at any time without notice. The payment on a 25 year, $200,000 fixed rate loan at 6.750% / 6.885% APR and 80% loan to value (LTV) is $1,381.82. Payments are estimates and include only principal and interest. Property insurance and, if applicable, flood insurance is required. These payments do not include taxes and insurance premiums. The actual payments will be greater, and rates provided are based on current market rates, and are informational only. Some restrictions apply. This rate is applicable for owner-occupied purchase of a single-family dwelling. The interest rate charged, and the annual percentage rate are constant for the life of the loan. All Credit Union loan programs, rates, terms, and conditions are subject to credit approval and may change at any time without notice. Interest rates are subject to change and are based on credit score, loan product, loan term, loan value, and reserves.

8. APR: Annual Percentage Rate. Rates and terms based on credit criteria. Credit restrictions apply. The interest rate is current as of 4/30/2024. No Private Mortgage Insurance. Up to 100% LTV for purchases. Minimum loan amount is $100,000 and maximum loan amount is $1,500,000. Offer applies to medical professionals (licensed residents/interns/fellows in MD, DO, DPM, DDS, DVM, NP, PA and other practicing medical professionals with master’s level education and above. Borrower must have a credit score of 670 or better depending on credit qualifications. All Credit Union loan programs, rates, terms, and conditions are subject to credit approval and may change at any time without notice. The payment on a 30 year, $200,000 fixed rate loan at 7.000% / 7.124% APR and 80% loan to value (LTV) is $1,330.60. Payments are estimates and include only principal and interest. Property insurance and, if applicable, flood insurance is required. These payments do not include taxes and insurance premiums. The actual payments will be greater, and rates provided are based on current market rates, and are informational only. Some restrictions apply. This rate is applicable for owner-occupied purchase of a single-family dwelling. The interest rate charged, and the annual percentage rate are constant for the life of the loan. All Credit Union loan programs, rates, terms, and conditions are subject to credit approval and may change at any time without notice. Interest rates are subject to change and are based on credit score, loan product, loan term, loan value, and reserves.

Term

5/5 ARM

Rate (as low as)

6.250%

Annual Percentage Rate (APY)*

6.323%6

Term

25-Year Fixed

Rate (as low as)

6.750%

Annual Percentage Rate (APY)*

6.885%7

Term

30-Year Fixed

Rate (as low as)

7.000%

Annual Percentage Rate (APY)*

7.124%8

Refinancing Options For Your Advantage

Purchasing or refinancing a home is a major decision and we want to be there for you.

Whether you’re buying your first home or making the next move, our award-winning mortgage professionals will help find the right mortgage option to best meet your financial goals. We will help you find which of these mortgage options are the best fit for you:

Our Award-Winning Mortgage Team

Our friendly mortgage professionals are here to help. Contact us to get started today.

Alicia Bowen Headshot

Alicia Bowen

Mortgage Sales Manager

NMLS #305735

757-715-2412

abowen@1stadvantage.org

 

Tamela Photo

Tamala Olszewski

Mortgage Loan Officer

NMLS #1581742

757-886-3356

tolszewski@1stadvantage.org

Paul Muse Headshot

Susan Ward

Mortgage Sales Coordinator

NMLS #1816060

757-968-5805

sward@1stadvantage.org

Helpful Resources

Explore our blog for financial tips, practical advice, and how to achieve more financially.

Couple embracing and facing away from camera at a house

Cash Out Refinancing vs. HELOC

Compare and decide which is best for you.
Learn more
Couple dancing in the kitchen

The Mortgage Loan Checklist: How to Apply | 1st Advantage

Follow this checklist to ensure you have everything you need to get the loan process started.
Learn more
Happy family in living room

The Mortgage Loan Process Explained

Ever wonder how the mortgage loan process works? Here is a brief overview of what to expect.
Learn more

Refinance Your Home With 1st Advantage

Get started today.

Get Started Online
Apply Now
Call Us
757-877-2444
Stop by one of our branches
Find your nearest branch