FRFCU Refi Advantage
PROGRAM
Refinancing your existing Mortgage without incurring lender fees*.
RATES ARE DECLINING & WE’RE HERE TO HELP YOU SAVE ON YOUR MORTGAGE
5 Reasons to Refinance Your Home
5 Reasons to Refinance Your Home
Lower Your Payments
Get a Mortgage with a lower interest rate to try and pay less each month.
Enjoy New Benefits
You may get to enjoy new or additional features including flexible repayments, flexible interest rate options, and redraw ability.
Pay Off Your Mortgage Faster
If you can refinance for a lower rate but still pay your previous payment amount, you’ll pay off your mortgage sooner!
Tap Into Extra Funds
Access some of your home’s equity for home improvements, tuition, unexpected expenses, or whatever you need.
Consolidate Your Debt
Wrap your other high-interest debts into one potentially lower payment to work towards paying down your debt.
Ready to get started? Contact us to see what we can do for you!
Refi Advantage Program
*The FRFCU Refi Advantage Program enables qualified borrowers to refinance their existing first mortgage loans without incurring lender fees for a specified period after closing on a purchase home loan.
Terms, Conditions and Eligibility Requirements:
- The FRFCU Refi Advantage Program (“Refinance Program”) permits qualified borrowers to apply for a refinance with no lender fees*.
- The lender agrees to waive certain fees on qualified refinances. Such lender fees include Application, Bank Attorney Fee, Credit Report, Flood Cert Fee, MERS Fee, Tax Service Fee, Commitment and Appraisal Fee* (Appraisal is paid upfront by the borrower and a lender credit applied to cover the cost at closing). “Lender fee” does not include discount points or fees and expenses charged by third parties, settlement agent fees and expenses, title insurance premiums and costs, notary fee, or recording fees. *All Fees are subject to review and approval.
- Qualifying loans are purchase loans originated by FRFCU between 01/01/2024 – 12/31/2024. The refinanced loan must be a first lien refinance of the same property as the original purchase loan. This includes primary residences, second homes & investment properties. Application for refinance must be made within two years of closing the original purchase.
- To be eligible for the Refi Advantage Program, the borrower must have closed their purchase loan with a conventional, conforming or high balance loan.
- The borrower must have made six (6) consecutive on-time payments on the purchase loan. The borrower is responsible for making all required payments in accordance with the terms of their loan. Late payments are not acceptable.
- The Refi Advantage Program does not guarantee borrower or property eligibility. The Refinance Program does not guarantee the borrower a lower interest rate.
- For the refinance application to be approved, the borrower must provide a complete signed loan application, submit all requested documentation in a timely fashion, and have their credit pulled. The borrower and the property must meet all applicable underwriting standards and closing requirements at the time of approval. The refinanced loan must meet agency and investor guidelines (e.g., seasoning requirements, net tangible benefit). The borrower’s ability to qualify for a loan under the Refinance Program will be subject to the loan program terms and conditions available at the time the completed loan application is submitted.
- This offer is not redeemable for cash or credit and cannot be transferred to another individual. This offer cannot be applied to existing loan applications retroactively. This promotion cannot be combined with any other current discounts or promotions.
- This is not a commitment to lend. Refinancing may cause finance charges to be higher over the life of the loan.
- Terms and conditions are subject to change or cancellation at any time at the sole discretion of Financial Resources Federal Credit Union.
