Pacific NW Federal Credit Union

Mortgage Refinance

Refinancing can allow you to change the terms of your mortgage to secure a lower monthly payment, change your loan terms, consolidate debt or even take some cash from the equity in your home for renovations or to pay off other loans. You have the option of choosing among different types of mortgages, all with different benefits and terms – Conventional, Homestretch, or RefiNow^™.

Refinancing or tapping equity in a home has never been easier. We’ve streamlined and updated the entire mortgage process to bring you a faster way to refinance your home.

Conventional

The classic home loan refinance, this option offers low rates with a variety of terms.

Conventional Loan Benefits

• Terms up to 30 years
• Low rates
• $806,500 maximum loan amount
• Cash-out options, depending on the equity in the home

Homestretch

Refinance your existing mortgage, credit card or other loan debt to pay it off quickly.

Homestretch Benefits

• A low fixed rate
• $150,000 maximum loan amount
• $1,250 + 3rd party fees
• 12-year maximum loan maturity
• 75% maximum loan-to-value ratio and an option for an evaluation instead of a full appraisal

RefiNow^™ 

RefiNow™ Benefits

• A lower interest rate
• Monthly payments reduced by at least $50 per month
• Appraisal waiver potential, or $500 credit towards cost of appraisal

RefiNow^™ Eligibility Requirements

To qualify for this refinance option, homeowners must meet eligibility requirements:

• A Fannie Mae owned mortgage secured by a 1-unit primary residence. Use the Loan Lookup Tool to find out if Fannie Mae owns your loan.
• Current income up to 100% of the area median income. Click here to view your area’s median income.
• No missed payments in the past six months, and no more than one missed payment in the past 12 months.*
• At least 12 months history on existing loan.
• A credit score of 620 or higher.
• Debt-To-Income less than or equal to 65%.
• Existing home equity loans or lines of credit can remain in place or be refinanced separately.

*If payments missed due to COVID-19 Forbearance, and those payments have been resolved, the missed payments are not considered delinquencies for the purposes of meeting these payment history requirements.

Find Out More and Get Started

Use this Refinance Calculator to see if refinancing is right for you.

Speak to a Home Loan Consultant

Ready to get started? Apply online or contact Michael, also available by appointment at any branch.