Mortgage Refinance

Refinance & Save Money

Refinancing your mortgage can save you money. You could get a lower rate, which can lower your monthly payment. If you’re comfortable with your monthly payment, a lower rate might mean you can refinance your 30-year mortgage to a 15-year term. That means you can pay off your mortgage quicker. Applying is a quick and easy process. Apply online anytime, or contact one of our local mortgage experts.

Lower Your Payment

Refinance your mortgage to get a lower rate and lower monthly payment

Convert To A Better Loan Option

See how refinancing to a fixed rate loan, or other loan type can benefit you

Cash Out Refinance Option

See how refinancing to a fixed rate loan, or other loan type can benefit you

Refinance Calculator

Use the calculator below to help you decide if refinancing your current home loan makes sense. This calculator shows how a lower rate affects your monthly payment. You might be able to pay off your mortgage quicker if you keep your existing monthly payment and refinance at a lower rate!

Information and interactive calculators are available to you only as self-help tools for your independent use and are not intended to provide investment or tax advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

Home Loan Types

Whatever your situation is, we have a mortgage solution for you. With a wide variety of options, Honor Credit Union is committed to finding the best product to fit your needs. We even offer portfolio loans for our members who don’t fit into a box.

A conventional mortgage is a home loan that isn’t guaranteed or insured by the federal government. Conventional mortgages that conform to the requirements set forth by Fannie Mae and Freddie Mac typically require down payments of at least 3%. Borrowers who put at least 20% down do not have to pay mortgage insurance premiums which are typically required with FHA loans. We offer conventional fixed rate loans in a variety of terms up to 30 years.

  • Seller can pay up to 3% of costs
  • Down payments as low as 3%

This is a loan retained by Honor Credit Union that may or may not meet Fannie Mae or Freddie Mac guidelines. In-house portfolio loans allow us some flexibility for our Members who don’t fit into a traditional criteria box and need a more customized solution. These loans are ideal for unique situations that a member of the Honor mortgage team can go over with you.

Jumbo mortgages, or jumbo loans, are loans that exceed the dollar amount loan-servicing limits put in place by Freddie Mac and Fannie Mae. This makes them non-conforming loans. As of 2021, the limits are $548,250 in most parts of the country. The conforming limit is higher in counties with higher home prices, so be sure to check your area’s loan limits using the Federal Housing Finance Agency tool.

A mortgage insured by the Federal Housing Administration. FHA home loans can help people get into your first home, refinance an existing home loan, or help you into a cash-out refinancing loan for improvements on your existing home even if they’ve had past credit issues. Applying for an FHA mortgage isn’t like the process for getting a conventional loan, mostly because FHA loan guidelines can generally be more flexible. FHA loan applications can be more forgiving of past credit mistakes and you’ll pay less out of pocket for down payments in most situations than with conventional loans.

Did you find a little piece of heaven that you want to build your dream home on but you’re not ready to build yet? This loan is perfect for someone wanting to purchase a vacant lot or piece of undeveloped land.

  • Up to 80% financing available
  • Flexible terms

Cash-Out Refinance Option

Buying a house is an exciting moment, and probably one of the biggest investments you will make. But, if you’re a few years into your home and don’t have the savings for a new kitchen, an additional bathroom, or other major home renovations, a cash-out refinance might be the right option for you.

What Is A Cash-Out Refinance?

Advantages

Our Team Can Help

Our team of mortgage lending experts across the state of Michigan are ready to guide you through the entire refinance process, from application to closing. The Honor mortgage team can help you decide which option is best for you, what your payments might be, and give you some insight into additional costs you might not have known about, such as earnest money and PMI. Come tell us your story. We look forward to helping you!

Our local mortgage experts know your community because they live and work there

Your mortgage lender will be with you through the entire process, from application to closing

Our mortgage experts can give you helpful tips and ideas to think about throughout your journey

Refinance Resources

We want to be a resource as you make a decision about refinancing. We hope you find the information in the blog posts below helpful. If you have questions, reach out to our Mortgage Team, or simply give us a call at 800.442.2800.

Mortgage Refinance FAQs

Getting pre-approved is easy! You can simply apply online. Click here to start! You can also contact a local Honor mortgage lender to set up an appointment. One of the advantages of working with Honor Credit Union for your home loan is the comfort you will feel knowing you can contact your lender directly or stop by his or her office anytime you have questions. Another advantage is that our lenders live in the markets they serve, and all decisions are made locally.

Once your offer to purchase a home has been accepted and signed, you are ready to meet with your lender to turn your pre-approval into a loan application. Please download the document below for a checklist of items that must be provided to your lender in order for them to lock in your interest rate and process your application in a timely manner.

honor credit union mortgage checklist
Click to download

Yes! In fact, applying to get pre-approved for a home mortgage loan is the FIRST thing you should do before you begin your search for the perfect home.

APPLY NOW

During this process, your lender will provide guidance on the best loan option to fit your situation along with an approved loan amount. Your lender will also give you a pre-approval letter, which signifies that you are a qualified buyer. You can share this letter with your realtor to include with your offer to purchase a home. Not only will your pre-approval letter add more weight to any offers you submit, but it will also guide your home search.

Mortgage interest rates fluctuate based on a variety of factors, including inflation, the pace of economic growth, and Federal Reserve policy.

Over time, inflation has the largest influence on the level of interest rates. A modest rate of inflation will almost always lead to low interest rates, while concerns about rising inflation normally cause interest rates to increase. Our nation’s central bank, the Federal Reserve, implements policies designed to keep inflation and interest rates relatively low and stable.

Private Mortgage Insurance, also called PMI, is a type of mortgage insurance you might be required to pay for if you have a conventional loan. Like other kinds of mortgage insurance, PMI protects the lender if you stop making payments on your loan.

PMI is usually required when you have a conventional loan and make a down payment of less than 20 percent of the home’s purchase price. If you’re refinancing with a conventional loan and your equity is less than 20 percent of the value of your home, PMI is also usually required.

An escrow account is where funds are held by the lender to make payments for your homeowners’ insurance and property taxes. Lenders will collect those funds monthly along with your loan payment and then pay the tax and insurance bills when they are due. Generally, the funds are included in your total monthly payment. Since the price of property taxes and insurances can fluctuate, so can the amount needed for your escrow account to cover those bills. Sometimes this can change your required monthly payment.

Honor Credit Union is a proud member of:

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