Take control of your mortgage & fund your goals
Refinance to tap into your equity, lower your payments & more
Refinancing your mortgage is easier with Ent
Applying online is quick and easy, and closing is stress-free. Whether you want to consolidate debt, adjust your repayment term or lower your interest rate, you can keep more money in your pocket.
Have flexible options
Lower your payments, access cash or pay off your home faster — all on your terms.
Get fast approval online
Submit your application in as little as 15 minutes and get a quick response with your options.
Enjoy a smooth closing
Count on Ent to deliver on-time closings so you can reach your goals sooner.
Mortgage refinance calculator
Use this calculator to see how much cash you could access by refinancing your mortgage. A cash-out refinance allows you to tap into your home’s equity and consolidate debt at a lower rate.
Results from this calculation are hypothetical and are for illustrative purposes only. Calculators should be used as a self-help tool only and do not consider the impact of fees that may apply. Results may not be applicable to your individual situation and do not constitute an offer. We encourage you to seek advice and guidance from a qualified professional regarding all personal finance issues. Actual terms may differ.
Looking to compare with your existing loan?
Mortgage comparsion calculator
Mortgage refinancing FAQs
A rate-and-term refinance replaces your existing home loan with a new loan from either the same or a different lender. The lender will pay off the remaining balance on your old loan and create a new loan for the same amount. You can also apply for what’s known as a cash-out refinance, which is when the total amount of the new loan exceeds your old remaining balance. You can then pocket the difference and use the money however you see fit. Many homeowners use the money to make repairs on their homes, which increases the property’s value.
Once approved for a new home loan, you will need to pay back the balance plus interest over a set number of years until the loan has been paid off in full. You will get a new monthly payment, which may be higher or lower than your old payment, depending on the terms and conditions of the new loan.
You can also shorten the repayment period to save money on interest, but your monthly payment will likely increase. You can always pay more than the required amount every month to pay off your loan ahead of schedule, which will also help you save money in interest.
Many people also choose to refinance their mortgages when interest rates are low. The Federal Reserve periodically adjusts interest rates based on inflation and the health of the economy. If rates have come down since you first applied for your mortgage, you can refinance to lock in a lower interest rate. This will help you save money even if the terms of the loan are the same as before.
People generally refinance their mortgage loan: to save money with a lower interest rate; to change their monthly payment by adjusting the loan terms; add or remove someone from the loan; or to access extra money with a cash-out refinance.
Before you refinance, consider how much money you stand to save. Compare the interest you would have paid on the old loan to the interest on the new loan plus the closing costs.
You also need to ensure you can afford your monthly payment when changing the terms and conditions of your mortgage. If you need to extend the repayment period to reduce your monthly payment, you will likely end up paying more interest over the life of the loan.
The advantages of refinancing may include:
- Changing the terms and conditions of your mortgage loan
- Raising or lowering your monthly payment based on the loan amount and
- the length of the repayment period
- Locking in a lower interest rate
- Adding or removing someone’s name from the loan
- Accessing additional funds through a cash-out refinance
The disadvantages of refinancing may include:
- Paying closing costs and origination fees for the new loan
- Getting stuck with a higher monthly payment if interest rates increase, if you take out a loan for more than the total value of your home or if you shorten the repayment period
Refinancing can be a great way to save money in interest and adjust the terms of your mortgage, but it’s best to do so if you stand to benefit financially. Contact Ent to learn more about the benefits of a refinance.
Refinancing your mortgage can help you save money or access cash through a cash-out refinance, but you’ll want to factor in the closing costs of the new loan. Generally, expect to pay anywhere between 2% and 6% of the loan principal in closing costs.
A mortgage refinance will affect your monthly payment based on your financial goals and the type of refinance you choose.
Rate-and-term refinance:
Many homeowners refinance their loan so they can lower overall mortgage costs. With a rate-and-term refinance, you can either lower your interest rate or shorten your loan term. Locking in a lower interest rate can be a great way to lower your monthly payments. If you shorten your loan term, your monthly mortgage costs will likely increase, but you’ll pay less in interest over the life of your loan.
Cash-out refinance:
A cash-out refinance allows you to get a new loan for more than your home is worth and pocket the extra money. It converts your home equity into cash you can use now to pay for home repairs or other expenses. This won’t necessarily change your interest rate, but it will still impact your monthly payment since you’re borrowing more money.
* APR (Annual Percentage Rate): The APR represents a broader measure of the cost of borrowing than the interest rate alone. It includes the interest rate, as well as any points, fees, and other charges associated with obtaining the loan. Therefore, your APR will typically be higher than the interest rate. Rates are subject to change without notice and are based on an evaluation of your credit history and other factors. As a result, your APR may vary. All loans are subject to final credit approval.
All interest rates, qualification criteria and underwriting analysis is subject to the sole discretion of Ent Credit Union. This may include analysis of satisfactory insurance, appraisal and title reports. Additional conditions or exclusions may apply. Ent Credit Union reserves the right to cancel any offer or loan at any time.
Standard account and credit qualifications apply. All loans subject to final credit approval. Rates and terms are subject to change without notice and are dependent upon credit performance. Visit Ent.com/Legal to review Ent’s Important Loan Information and Disclosures.
Financing available on homes in Colorado. Property insurance is required. Consult a tax adviser for further information regarding deductibility of interest and charges.