What’s your refinancing goal?
Your mortgage loan can be so much more than just a monthly payment. Refinance on your terms and use it as a tool to help you achieve your financial goals. You can shorten your repayment terms, lower your payments or pull needed cash from your home equity.
Tap into my home equity
Turn the equity you’ve built into cash that you can spend on reaching your personal goals.
Benefits:
- Start a home improvement project
- Pay off high-interest debt
- Cover unexpected larger expenses
Pay my home off sooner
Own your home sooner, say goodbye to monthly payments and pay less lifetime interest on your loan.
Benefits:
- Save thousands of dollars in interest
- Finish making house payments sooner
- Build equity in your home rapidly
Lower my payments
Save money if rates decreased since you bought or last refinanced your home.
Benefits:
- Keep more of your money
- Build savings for future expenses
- Save for retirement or college funds
Mortgage comparison calculator
Use this calculator to find out how much you could save if you refinance your mortgage(s) at a lower interest rate. Refinancing at a lower rate can lower your monthly payments and how much money goes towards the interest on your loan.
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.
Is a refi right for you?
Is a refi right for you?
There are a lot of details to consider when deciding whether refinancing is the best option for you. Reach out to our mortgage experts — they’re happy to answer your questions, and have the experience to recommend what’s best for your personal situation.
Stress less when you refinance with Ent
Stress less when you refinance with Ent
We began home loans for Coloradans
Homes financed in the past 5 years
Lent to homebuyers in the past 5 years
Get free refinancing resources
Get free refinancing resources
Take advantage of our useful articles about refinancing your mortgage (and more). You’ll stress less having the know-how you need to confidently decide whether it’s the right step for you.
How Do I Refinance My Mortgage and Consolidate Debt?
Paying different credit card bills, a personal loan, and a 30-year mortgage every month can feel like managing a dozen spinning plates at once. Refinancing your home loan to combine higher-rate balances into a single, lower-rate mortgage — known as a debt consolidation refinance — transforms that juggling act into one predictable payment.
How do you refinance your mortgage for debt consolidation? We break down how a mortgage debt consolidation refinance works, when the math favors you, and how to weigh the risks and rewards.
Navigating the Mortgage Loan Process: A Step-by-Step Guide for Second-Time Buyers
Navigating the mortgage loan process for the second time can be both exciting and challenging. Whether you're upgrading, downsizing, or relocating, understanding the steps involved is crucial for a smooth and successful experience. This guide provides a comprehensive step-by-step overview, from pre-approval to closing, with insights and tips to help you secure the best mortgage terms and avoid common pitfalls. With the right preparation and knowledge, you can confidently navigate the complexities of obtaining a mortgage and move forward to your next home with ease.
Refinancing Your Home: How to Refinance a Mortgage
Refinancing your mortgage is a great way to reduce debt and take control of your finances. There are many reasons to swap out your current home mortgage for a new repayment plan. It all depends on what you’re looking to achieve with your new home loan. Use this guide to learn more about the refinancing process to see if this is the right option for you.
What is a HELOC and What Can You Use it For?
Imagine unlocking a treasure chest hidden within your home—this is essentially what a Home Equity Line of Credit (HELOC) allows you to do. So, what is a HELOC? A HELOC loan lets you tap into the built-up equity of your home, offering a flexible line of credit that you can use for a myriad of purposes. You can use it for a kitchen makeover, consolidating high-interest debt, funding your child's education or as a financial safety net to cover unforeseen costs. Simply put, it transforms your home’s equity into accessible cash whenever needed.
Buying a House in a Hot Market
Buying a home in a seller’s market can be challenging. While housing market conditions may be less than ideal, there are still benefits to buying a property versus renting. Use these tips to stay ahead of the competition and land the house you’ve always wanted.
HELOC Payment Calculator: Calculate Your Home Equity Line of Credit Payments
Repayment of a home equity line of credit requires that the borrower makes a monthly payment to the lender. For some home equity lines of credit, borrowers can make interest-only payments for a defined period, after which a repayment period begins. Interest-only payments are based on the outstanding loan balance and interest rate. During the repayment period, the payment includes both repayment of the loan principal, plus monthly interest on the outstanding balance. Loan payments for the repayment period are amortized so that the monthly payment remains the same throughout the repayment period, but during that time, the percentage of the amount that goes towards principal will increase as the outstanding mortgage balance decreases.
Home 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: An annual percentage rate is a broader measure of the cost of borrowing money than the interest rate. The APR reflects the interest rate, any points, mortgage broker fees, and other charges that you pay to get the loan. For that reason, your APR is usually higher than your interest rate. Source: Consumer Financial Protection Bureau
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.
Mortgage criteria shown such as DTI, credit score, down payment/LTV, terms, and other qualifications are intended for general education and awareness of guidelines for each product and program. For information on how to calculate your DTI, please see this resource from Ent Credit Union. To understand how loan criteria relates to your unique situation, please contact a mortgage expert at Ent Credit Union to discuss your options.
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.