There are a wide variety of reasons to refinance your mortgage:

• If your credit score has improved—you could get a better rate
• If your finances have improved and you want to pay off your mortgage quicker
• If you’re struggling to make payments on a shorter term mortgage, you can switch to a longer one for a newer and lower monthly payment
• Lower interest rates will also reduce the monthly payment

Yes, you will need to become a member to apply for refinancing your mortgage. The good news is that we can help you do so while you apply. In addition to applying for a mortgage refinance, you’ll get to take advantage of the multiple benefits that Legacy Credit Union members enjoy!

Documentation will vary based on the type of mortgage refinance you’re applying for. Here are the documents that you’ll need:

• Social security number (for all borrowers)
• Your current address and all prior addresses for the past two years
• Two years of employment history along with employer’s name, phone number, and address
• Income info for all borrowers. You’ll be asked for salary, bonuses, overtime, interest, commissions, retirement income, along with other income sources
• Your current loan balance, the year that you purchased the property being refinanced, original cost, and payment amount.
• Brokerage and bank information including current balances and institution name
• Information on any other real estate property that you own
• Information about your existing debts—creditor, account number, current balance, and monthly payment

Your new interest rate and annual percentage rate (APR) are determined by your credit score. Simply put, the higher your score, the lower your mortgage rate.

If you’ve been making your mortgage payments on time, there’s a good chance that your credit score has gone up. The best way to find out is to apply and see what kind of rates you’re approved for.