Refinance like a Pro.
Many factors can change in the years after you take out your original mortgage or home equity loan, and many of them are good reasons to consider home loan refinancing. Whether you're looking to reduce your monthly payment, lock in a lower interest rate, switch from an adjustable rate to a fixed rate or vice versa, borrow additional funds for a new project, or shorten or extend payoff terms, our knowledgeable and friendly Refinance Specialists are ready to discuss your goals and guide you through our Rapid Refi process.
Plus, we're currently offering No Closing Costs up to $100,000*
Existing TCT Loans do not qualify for this special offer.
Start your Rapid Refi today!
|Term||APR* (Fixed Rates as low as)||Monthly Payment per $1000|
|RAPID REFI MORTGAGE |
(1st LIEN-HOLDER POSITION)
|5 Year (60 month)||5.50%||$19.11|
|10 Year (120 month)||6.00%||$11.11|
|15 Year (180 month)||6.50%||$8.72|
|20 Year (240 month)||7.00%||$7.76|
|2nd LIEN-HOLDER POSITION|
|5 Year (60 month)||6.00%||$19.34|
|10 Year (120 month)||6.50%||$11.36|
|15 Year (180 month)||7.00%||$8.99|
|Minimum Loan Amount: $10,000 | Maximum Loan Amount: $350,000 (RAPID REFI MORTGAGE /1st Lien Position), $150,000 (2nd Lien Position)|
Maximum Loan to Value (LTV) up to 80%
|Premier Plan*||Preferred Plan*|
Variable Rate Plan:
Variable Rate Plan:
|Initial rate is discounted for the first 36 months, thereafter prime rate
plus 0% for the life of the loan.
|Initial rate is discounted for the first 36 months, thereafter prime rate plus 1.00% for the life of the loan.|
|Annual interest rate review, 2% annual adjustment cap with a maximum rate of 15.00%, and a floor of 4.00%, except for the introductory rate offered.||Annual interest rate review, 2% annual adjustment cap with a maximum rate of 15.00%, and a floor rate of 5.00%, except for the introductory rate offered.|
*Current Prime Rate as of July 26, 2023, is 8.50%.
25 Year Repayment Period | 10 Year Draw Period
Minimum Line of Credit Amount: $10,000 | Maximum Line of Credit Amount: $250,000 (1st Lien Position), $125,000 (2nd Lien)
See how refinancing can help you reduce your monthly payment or pay off your loan sooner!
*Closing costs including the New York State Mortgage Tax will be paid by TCT Federal Credit Union on behalf of the borrower on Home Equity Loans and Lines of Credit up to $100,000. This special offer may be withdrawn at any time. Existing TCT loans do not qualify for this special offer. All Lines of Credit require a minimum initial advance of $10,000. If the HELOC or Home Equity Loan is paid and closed within 3 years of the closing date, the borrower will be required to reimburse the Credit Union for all closing costs paid on their behalf which will be added to the payoff amount of the loan.
If you're delinquent in your loan payments — or expect to be — the best thing to do is to contact us right away.
While it can be stressful and overwhelming to contact your lender(s), early communication puts you in a positive light. Foreclosure or repossession is very costly for a lender, and we would generally prefer to help you get back on track to keep your home or vehicle. When contacting your lender(s) be honest. Describe your situation and know how much money you have available to make payments – do not agree to a payment that is not feasible with your current budget.
As a member of TCT, you can take advantage of the GreenPath Financial Wellness program, a free financial education, and counseling program.
No. You do not have to be a member to apply for a loan. However, you must become a member to close on a loan.
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