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Mortgage Refinancing

Refinancing your home mortgage could reduce your loan term, lower your interest rate, and save you money. Learn about refinancing your home loans at SECU to decide whether it's the right solution for your financial goals.

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What is refinancing? 

Refinancing is the process of replacing an existing loan with a new one, typically with better terms such as a lower interest rate or shorter repayment period. Your financial priorities may shift during your original loan term, and refinancing can be an option to improve financial flexibility.1,2,3

A refinance can help you:

  • Reduce interest rates and monthly payments.

  • Consolidate the debts you have.

  • Pay off the loan faster with a shorter term.

  • Tap into your home’s equity to get cash.

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Why choose SECU for refinancing?

Thousands of SECU members have trusted us with their home refinancing. Here are some of the reasons:

In-house servicing

We continue to service all loans in-house.

Flexible options

We offer refinancing options for mortgages held by SECU and outside lenders.

1-on-1 lending support

Our mortgage specialists can assist you online in Member Access, over the phone, or in a local branch.

When to consider refinancing

Not sure when to refinance? You might want to consider a refinance when:

  • Mortgage rates drop significantly below your current mortgage rate; refinancing to a lower interest rate can reduce your monthly payment and save you money.
  • Your financial situation or lifestyle has changed significantly; refinancing can help you keep up with your life goals.
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A refinance may help you:

  • Secure a loan with a shorter term to pay off debts quicker and build equity.

  • Switch from an Adjustable Rate Mortgage (ARM) to a Fixed Rate Mortgage to enjoy the security of consistent payments.

  • Get cash for upcoming life milestones such as a home renovation, saving for college, planning for a wedding, or preparing for retirement.

What to expect when applying 

You must be an SECU member to be eligible to apply for any type of loan. Most SECU mortgage products, including Adjustable Rate Mortgages, Fixed Rate Mortgages, and Home Equity Line of Credit (HELOC) may be refinanced. Understand the basics of our refinance application process:

  • Apply

    Apply in person at a local branch, online in Member Access (via the Mortgage Center), through the SECU Mobile App, or by phone at (877) 589-1547.

  • Gather documentation

    Our mortgage lending and processing specialists will gather all required documentation.

  • Process underwriting

    We complete the underwriting for the refinance.

  • Closing

    Once approved, closing for refinancing and HELOCs typically take place at a local branch. Under certain situations, closings may need to be handled by a licensed attorney.4 The refinance process normally takes around 30 business days from application to closing.

Frequently asked questions about mortgage refinancing

Most SECU mortgage products are available for refinancing:
 

Closing costs are the upfront costs you pay when finalizing a home-buying or home-refinancing transaction. SECU may assess an origination fee based on your mortgage loan amount. This fee is calculated based on 1% of your loan amount, capped at $2,500. Origination fees do not apply to HELOCs. You may also need to pay SECU for an appraisal that is completed by a third party. 
 

The remainder of the charges, such as title insurance, attorney fees, homeowners insurance, and property taxes, are paid to third parties.
 

Your loan estimate (not applicable for HELOCs), which will be provided within three days of a completed application, estimates what closing costs you can expect. 

Refinancing your mortgage can have a temporary impact on your credit score. When you apply for a refinance, our lending team will review your credit report (this is also known as a “hard inquiry”), which may cause a small, temporary drop in your credit score. 

Related resources

  • Couple sitting down outside house

    article

    When Should I Refinance My Mortgage?

    When should you refinance your home loan, and is it the right move for you? Our SECU mortgage specialists guide you through the decision-making process.
    Read article
  • Couple looking through paperwork

    article

    How To Refinance My Mortgage

    Looking to lower your monthly mortgage payments or tap into your home's equity? Read our step-by-step guide to refinancing your mortgage.
    Read article
View all learning resources

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  1. Origination fees (what SECU charges for processing the mortgage loan) are assessed for 1% of the loan amount, capped at $2500.
  2. 90.01% - 100% financing available for purchases and no cash-out refinances of single-family primary residences. Cash-out is any funds that exceed the balance owed on the first or second mortgages that are being paid off, plus closing costs. 100% financing is limited to a maximum loan of $500,000. Up to 90% financing for purchases and refinances of primary and secondary residences. Up to 80% financing for the purchase of an investment property or a no cash-out refinance of an investment property; further limited to 65% loan-to-value for cash-out refinances. Cash-out refinances of manufactured homes are further limited to 65% LTV. Each member may finance up to six properties with SECU, but only one may be financed at greater than 90% LTV.
  3. Manufactured homes  are not eligible for HELOCs. However, they are eligible for refinance or cash-out refinance when served as the borrower's primary residence.
  4. Not all closings take place in a branch. During your application process, an underwriter determines if a mortgage refinance or HELOC can close in the branch or requires attorney closing. Your settlement location will be determined after a full underwriting review. Contact an SECU mortgage loan specialist for more information.
  5. To qualify for a HELOC, properties must be located in North Carolina, South Carolina, Virginia, or Georgia. Manufactured homes cannot serve as collateral. Property insurance is required.
  6. To apply for a HELOC, fees payable to third parties generally range from $0 to $1,850. Processing fees on lines of credit secured by property in Georgia, Virginia, and South Carolina are higher than property in North Carolina, and not all fees can be waived. An itemization of these fees is available upon request. A mortgage loan specialist can assist you in determining the fees in your area.
  7. Members may borrow against their available credit line, up to the maximum line amount, for 15 years, subject to the terms of the account agreement. After the draw period ends, regular payments will continue until the loan is paid in full.
  8. Overdraft transfers made from HELOCs are considered loan advances. Fees may apply. See the Overdraft Transfer Service page for more details.