Mortgage Refinance

Save money with lower payments and shorter loan terms when you refinance your home mortgage with Civic

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Couple enjoying the savings from refinancing their mortgage with Civic Credit Union.

Reduce

Lower your payment or mortgage interest rate on existing loan1

Reset

Shorten loan term, faster mortgage loan payoff

Cash out

Turn your home equity into cash at closing

Reset your mortgage loan

Your unique needs and situation are important in knowing whether a mortgage refinance could be right for you. Have mortgage rates fallen below the rate on your current home loan? Are you looking to consolidate debt? Do you need cash? A mortgage refinance could be helpful for any of these situations – and it can save you money over the life of the loan.

When you refinance an existing mortgage loan you have with us or another financial institution, you may get a lower rate and lower monthly payments, with a faster payoff. And if you need cash for home improvements, medical bills or just life, you can apply for a cash-out refinance to turn your home equity into immediate cash at closing.

Our mortgage refinance calculators can help you see how a Civic Mortgage Refinance rate could help save you money and reduce your monthly payments on 15-year or 30-year home mortgages. Reset your home loan with a Civic Mortgage Refinance.

Man reviewing his mortgage payment hoping to find savings with a refinanced mortgage from Civic Credit Union.

Terms

•    Single-family primary homes: Up to 97% in financing
•    Second homes: Up to 90% in financing
•    Cash-out refinancing: Up to 80% in financing
•    Terms of loan vary based on type of loan, rate at closing

Features

•    Lower your home mortgage rate, lower your payments
•    Maximum financing determined by home’s sale price or appraised value
•    Refinance home mortgages from other financial institutions
•    Mortgage escrow account holds property tax, insurance funds for payments

Mortgage calculators

Our calculators can help you build a budget and make the right mortgage choice.

calculators

Visit the Mortgage Center

We've partnered with the Credit Union Mortgage Association (CUMA) for a streamlined homebuying process. Apply online through the Mortgage Center and a CUMA agent will reach out to you to talk next steps to pre-qualification.

For the best member experience, use the Mortgage Center on a desktop or laptop computer.

Civic percent graphic to help find the best rate for your mortgage.

1. Find your rate

Civic graphic that shows how easy it is to apply for a mortgage.

2. Apply online

3. Talk with an agent

Fixed-Rate Mortgage

Home mortgage, no surprises

Choose fixed 15-year or 30-year term
Up to 97% financing for second home purchases, refinances
Mortgage professionals to guide your process
Up to 80% financing for cash-out refinances

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Adjustable-Rate Mortgage

Powerful homebuying

Credit union ARM rate is fixed for first 5 or 10 years, then adjusts
No early payoff penalties
ARM interest rate cap limits rate increases
Must be a Civic member to apply

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You know the details matter (and you are in good company)

Here are a few FAQs

What is a 5/1 ARM?

A 5/1 ARM is one type of adjustable-rate mortgage. The 5 refers to the length of the fixed-rate period which is the first five years. The "1" is how often the interest rate may adjust after that which is once per year.

Can I prequalify for a mortgage online?

Once you apply for a loan through the Mortgage Center, a CUMA agent will contact you to discuss the next steps to prequalification.

What is an escrow account?

It’s an account held by your mortgage service provider that holds money from your monthly mortgage payments to pay your taxes and insurance when they are due.

What is cash-out refinancing?

This is where you get a mortgage loan for more than you currently owe on your home. The difference between the new, refinanced mortgage and the balance on your previous mortgage goes to you as cash at closing.

Is a fixed-rate mortgage better than an adjustable-rate mortgage?

Your needs will determine which one will best fit your unique circumstances. A fixed-rate mortgage has predictable payments for the entire term of your mortgage loan. An adjustable-rate mortgage (ARM) starts off as fixed and moves to a variable – meaning a changing rate. An ARM option can be helpful for short-term ownership, but your specific needs will help inform your decision.

How do I pay my property tax?

Each month, when you make your monthly mortgage payment, your lender will take a portion of that money and put it in your escrow account. Your mortgage servicer will hold that money until your property taxes and insurance are due.

View All FAQs

Apply for a Mortgage Refinance to lower your rate and monthly payments

Reset your existing home mortgage from any financial institution with a Civic Mortgage Refinance. Save money with a lower mortgage rate, lower payments, and a faster path to payoff.

apply today

1 All mortgage loans are subject to approval and to credit union underwriting standards. Loan product, availability and terms are subject to change.