Refinancing is a practical financing option that can offer you long-term rewards. Whether you want to lower your monthly payment, borrow against the equity in your home to get cash, or both, Stanford FCU is here to help.
Please speak with a Mortgage Consultant for details on all of our loan products.
| Refinance Loan | Interest Rate | APR | Points | Monthly Payments | Loan Term [Months] | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 30 Year Fixed Jumbo | 3.875% | 3.959% | 0.875 | $4,585 | 360 | ||||||
| 15 Year Fixed Jumbo | 3.125% | 3.290% | 1 | $6,792 | 180 | ||||||
| 30/15 Year Fixed Balloon Jumbo | 3.500% | 3.668% | 1.5 | $4,378 | 180 | ||||||
| 5/1 ARM Jumbo | 2.750% | 3.878% | 0.875 | $3,980 | 360 | ||||||
| 7/1 ARM Jumbo | 3.000% | 3.812% | 0.875 | $4,111 | 360 | ||||||
| 10/1 ARM Jumbo | 3.250% | 3.766% | 0.875 | $4,243 | 360 | ||||||
| 30 Year Fixed Conforming | 3.625% | 3.711% | 0.75 | $2,052 | 360 | ||||||
| 15 Year Fixed Conforming | 3.125% | 3.259% | 0.625 | $3,135 | 180 | ||||||
| 30/15 Year Fixed Balloon Conforming | 3.250% | 3.394% | 1.125 | $1,958 | 180 | ||||||
| 5/1 ARM Conforming | 2.625% | 3.689% | 0.875 | $1,807 | 360 | ||||||
| 7/1 ARM Conforming | 3.000% | 3.693% | 0.875 | $1,897 | 360 | ||||||
| 10/1 ARM Conforming | 3.250% | 3.683% | 0.875 | $1,958 | 360 |
Note: Conforming loan amounts in most locations is $484,350. All loan amounts higher than Conforming are considered Jumbo loans.
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There are many factors to consider — your financial goals, the size of your loan, the value of your home and the interest rates of your existing loan and new mortgage. Some other important questions to ask are: How much will my payment go down? What are the costs associated with refinancing my mortgage? Will I have to pay points? What about settlement costs?
The length of time you plan to stay in your home is another factor to consider when refinancing. If you’re planning to move in a year or two, paying upfront fees may not be the best idea. The savings in your monthly payment may not be enough to offset your initial investment. As a rule of thumb, most mortgages have $1,500 – $4,000 in associated closing costs.
Features and Benefits:
Rates effective 9/19/2019. The examples shown here are based on an owner-occupied single-family detached house located in the state of California. The actual interest rates and APRs available to you may vary based on your credit score, LTV ratio and other factors, and may be higher than those displayed here. Rates, closing costs and points may vary by property location, loan type and borrower credit and income. All loans and terms are subject to credit approval and membership eligibility. Rates are subject to change without notice. Some restrictions may apply. Please call for rate information about mortgage products with terms other than those shown.
Fixed Rate Loan payment examples: Jumbo monthly payments are based on a property value of $1,300,000, FICO® score of 750 or greater and loan amount of $975,000. Conforming monthly payments are based on a property value of $600,000, FICO® score of 750 or greater and loan amount of $450,000. Monthly payments do not include amounts for taxes and insurance premiums, if applicable, and the actual payment obligation may be higher. The 30/15 Year loans are amortized like a 30-year mortgage with a fixed rate, but at the end of 15 years the remaining balance (aka the balloon) must be paid in full.
Adjustable Rate Mortgage (ARM) Loan payment examples: ARM loans have a 30-year term with an initial fixed-rate period which may be 3, 5, 7 or 10 years. After the initial fixed-rate period, it is possible that the interest rate, APR, and payment may increase substantially over the remaining term of the loan. The APR is subsequently variable, based on the LIBOR Index as published in The Wall Street Journal Money Rates Table (“Index”), and subject to increase during the loan term. Example: The monthly payments for the initial fixed-rate period for Jumbo ARM loans are based on a property value of $1,300,000, FICO® score of 750 or greater and loan amount of $600,000. The monthly payments for the initial fixed-rate period for Conforming ARM loans are based on a property value of $600,000, FICO® score of 750 or greater and loan amount of $450,000. Monthly payments do not include amounts for taxes and insurance premiums, if applicable, and the actual payment obligation may be higher.
Learn the ins and outs of mortgage loans, whether you’re a first-time homebuyer or considering a refinance.
Get a free personalized Total Cost Analysis to compare different products, payment amounts, and if refinancing makes sense: