Ready to Refinance Your Home?
Refinancing could help you lower your rate, reduce your payment1, shorten your term, or access cash for home improvements or debt consolidation.
Explore Refinance Options
Fixed-Rate Refinance Mortgage Loans and Terms
Replace your current loan with a stable rate and predictable payment. A fixed-rate refinance works if you want long-term consistency.
Options for Refinancing Home Loans and More
A jumbo loan may be a good option if you need financing above conventional loan limits. Jumbo loans can offer competitive rates in higher-priced2 housing markets. BECU offers fixed-rate and adjustable-rate jumbo loan options, with down payments as low as 5%* for qualified borrowers.
Refinancing may make sense if rates have dropped, your home value has increased, or you want to pay off your loan faster. With a 12-Year No-Fee Mortgage, you can refinance without BECU closing costs, prepayment penalties, or other fees. If you owe $806,500 or less and want to pay off3 your loan within 12 years, a mortgage advisor can help you get started.
Reasons to Refinance
- Move from an adjustable rate to a fixed rate for payment stability
- Lower your payment by refinancing into a different adjustable rate
- Reduce your rate and monthly payment
- Pay off your loan faster by shortening the term (e.g., 15 or 20 years)
Frequently Asked Questions
Refinancing is typically about improving how your current loan works for you. That could mean lowering your payment, reducing your rate, changing your loan term, or accessing equity you've built. It tends to make the most sense when there's a clear financial benefit or your needs have changed, such as wanting more predictable payments or a different timeline for paying off your home.
You may be able to roll closing costs into your new loan, but your monthly payment will likely be higher. In some cases, a lender may offer a higher rate in exchange for lower upfront costs.
Review the total cost of the loan to decide what makes the most sense for your situation.
If you are considering using your home equity, review:
- How long you plan to stay in the home
- Term of the new loan
- Current interest rates
- Estimated monthly payment
- Total cost of borrowing
- How long it will take to break even
Refinancing may change the amount of mortgage interest you pay. Mortgage interest may be tax deductible, depending on your situation.
Tax rules can change, so consider speaking with a tax professional to understand how refinancing could affect you.
Contact Us for Questions about Refinancing your Mortgage
Related Content
1Mortgage loans are subject to membership, credit approval, and other underwriting criteria; not every applicant will qualify. Certain restrictions apply. Home loan programs, terms, and conditions are subject to change without notice.
2LTV up to 95% for purchase loan amounts up to $1,250,000; 90% LTV up to $1,500,000; 80% LTV up to $2,500,000; and 75% up to $3,000,000 for primary residence, owner-occupied purchase. 90% up to $1,000,000; 80% up to $1,500,000; and 75% up to $2,000,000 for second homes.
312-Year No Fee loans are for refinances only. Borrower is responsible for paying other financial institution fees and charges related to the existing loan (for example, payoff demand statement fee and/or a reconveyance fee) as well as any prepayment penalty imposed by that lender. The borrower is responsible for payment of per diem interest and property taxes and insurance premiums (if due). An upfront credit report deposit is required and will be credited to reduce the total amount of costs, or refunded at closing.
*See important information about rates, fees and other costs