mortgage refinance options
Ready...set...refi! With a refi from United you can focus on your home while we focus on the loan. Refi with United at 100% financing and no PMI.¹
the United difference
mortgage refinancing designed with you in mind
In this day and age where every bank, credit union, and online site offers you comparable rates on mortgage refinancing, United offers you just a bit more. We’ve been financing home buying since 1949 and we’ve kept to our local, personable values all these years.
We're People
This means you can talk to a real person. You’re unique and the type of rate and loan you need is specific to you. We get that and we have real people speak with you to make sure you have the right fit. Even if you are unsure you’re ready, we’d love to talk to you and answer any questions you might have. Whether you choose to do your refi transaction digitally, on the phone, or in person, know that a real United Mortgage Advisor is looking after you.
We're Local
Being local means more convenience for you. You can drop in to speak with your Mortgage Advisor or even pay your refi loan at any branch location.3
We're Experienced
With the housing refinance market boom and interest rates changing day to day, talk to a United Mortgage Advisor to lock in your rate or get expert guidance on the housing market.
why refi?
Simply put, a refi will give you a chance to replace your current mortgage with a new one based on the current market and your current finances.
The best time to refi may be when:
- interest rates are at least 1% lower than your current mortgage
- your credit profile has improved
- you need funds to deal with a financial emergency, finance a large purchase, or consolidate debt
- you plan to stay living in your current home long enough to recoup the costs of refinancing
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Refinancing can potentially:
- lower your monthly mortgage payment
- pay off your mortgage faster with a shorter term
- allow you to switch from an adjustable-rate to a fixed-rate, or vice-versa
- obtain a lower interest rate
- provide cash for paying debt and home improvements
- get rid of PMI if you have more than 20% equity in your home
- obtain 100% financing with no PMI
refi mortgage loans in a snapshot
Here's a quick overview of what a refi from United offers. Don't think you'll qualify? Reach out to United and discuss your options. We will fit your needs into the perfect refi option for you.
what properties we cover
refi loan options
Table Glossary
An adjustable mortgage has an initial interest rate that is fixed for a specific period of time, followed by an adjustable interest rate that can increase or decrease over the remaining life of the loan, based on certain market conditions. United offers two adjustable-rate mortgages (ARM)
- 5/1 ARM: The first 5 five years are a fixed interest rate. Afterwards, the rate is adjusted once a year.
- 7/1 ARM: The first 7 seven years are a fixed interest rate. Afterwards, the rate is adjusted once a year.
This is a good choice if you plan to move before the end of the introductory fixed-rate period, want an initial monthly payment lower than a fixed-rate mortgage usually offers, or think interest rates may go down in the future.
A down payment is an initial up-front partial payment for the purchase of the property. It is money that you physically have at your disposal, it is not borrowed.
Investment property is generally property that you, personally, do not live. This is for property you intend to use to generate income by renting, appreciating value, or other means.
(P)MI stands for (private) mortgage insurance. Mortgage insurance is typically required if you are borrowing a large percentage, usually over 80%, of the property’s value. With United, you can potentially get 100% financing with no PMI.1
Conventional financing are mortgage loans that are not backed or insured by the government. Of conventional loans, they can be either conforming or non-conforming.
DTI stands for debt-to-income ratio. To calculate, add up all your monthly debt payments and divide them by your gross monthly income.
LTV stands for loan-to-value ratio. It is the term to represent the ratio of the mortgage loan as a percentage of the total appraised value of the real property.
A home you live in for some part of the year. Unlike a primary residence, you do not have to live there for most of the year or be close to your work. A second home is intended for personal use.
Conforming is a loan that abides by Fannie Mae and Freddie Mac guidelines, two government-sponsored enterprises. Non-conforming, likewise, is a loan that does not abide by Fannie Mae and Freddie Mac guidelines.
A fixed-rate mortgage is a fully amortizing mortgage loan where the interest rate remains the same for the life of the loan. In other words, your total monthly payment of principal and interest will remain the same over time. This is a good choice if you think interest rates could rise in the next few years, plan to stay in your home for many years, or prefer the stability of a fixed monthly payment.
Property that will be your main home in which you live most the year, receive mail, and is reasonably close to where you work.
Specialty financing are loans offered or secured by a government entity.
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In a rising rate environment, an Adjustable Rate Mortgage (ARM) could be the most appealing because of its initial lower rate and lower monthly payments.
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Is now the right time to refinance? Here is a guide of what you need to know and the questions you should ask before refinancing.
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[1] Offer and terms subject to change. Loans subject to credit and collateral approval as well as program terms and conditions, available on new mortgage applications. Payment example, $250,000 financed for 360 months at a fixed rate of 4.827% APR equals a monthly payment of $1,304.12. Payment example does not include amounts for taxes and insurance premiums. If applicable, actual payment obligation will be greater. Financing up to 100% of the retail value of the property is available. Up to 360 months financing available. Certain restrictions apply.
[3] Excludes locations that are specified as Commercial Loan Offices.
[4] Payment example, $258,750 retail value of property with 3.5% down amounts to financing $250,000 financed for 360 months at an adjustable rate of 4.827% APR equals a monthly payment of $1,304.12. Payment example does not include amounts for taxes and insurance premiums. If applicable, actual payment obligation will be greater. Rate may be increased after consummation.
[5] 20% down is for well-qualified borrowers.
[6] Payment example, $250,000 financed for 15 year term / 30 amortization schedule balloon at 4.827% equals a monthly payment of $1315.75 for 15 years. If only the minimum monthly payment is made, at the end of the 15 year term, a minimum $168,294.70 balloon payment is due.