Mortgage Refinansing Help

Mortgage Refinancing Help: Ohio

“If you are refinancing from one ARM to another, check the initial rate and the fully-indexed rate. Also ask about the rate adjustments you might face over the term of the loan. ”

Mortgage Refinancing Help : Business: Financial Services: Banking Services: Credit Unions: Regional: United States : Ohio (37)

The majority of your mortgage payment goes toward paying interest. To save an astounding amount of money over the long term, choose a mortgage loan with a lower rate and a shorter payback term. A 15-year mortgage may be just what the financial planner ordered. This type of loan carries a larger monthly payment; but if your budget can withstand the jolt, you can save big bucks over the long haul.

See also:

FirstEnergy Family Credit Union »
Akron. Serves current and retired employees of the Ohio Edison Company.

Columbus Metro Federal Credit Union »
Columbus. Serving the needs of Franklin County federal employees.

Communicating Arts Credit Union »
Cincinnati. Serving employees of Greater Cincinnati companies.

First Service Federal Credit Union »
Groveport. Serves anyone who lives, works or worships in Franklin County.

Corporate One Credit Union »
Columbus. The nation's 8th largest corporate credit union.

Dayton Firefighters FCU »
Dayton. Serves firefighters employed in Dayton.

CODE Credit Union »
Dayton. Serving select employee groups and organizations in Dayton.

Ohio Edison Penn Power Credit Union »
Youngstown. Open to select employee groups.

CME Federal Credit Union »
Columbus. Serving select employee groups and organizations.

Day-Met Credit Union »
Dayton. Serving select employee groups in Dayton.

St. Charles Borromeo Federal Credit Union »
Parma. Open to select employee and community groups.

Garfield Community Credit Union »
Garfield Heights, OH. Serving those who work in the Garfield Heights area.

Firestone Office Federal Credit Union »
Akron. Serving employees of Firestone.

Ohio Educational Credit Union »
Cleveland. Membership is open to select employer groups.

Kemba Cincinnati Credit Union »
Cincinnati. Serving employees of The Kroger Co., and select employee groups in Ohio.

Century Federal Credit Union »
Cleveland. Serves Federal government employees in the Cleveland area and select employee groups.

Kemba Credit Union »
Services Columbus, Westerville and Toledo.

BMI Federal Credit Union »
Columbus. Serves select sponsor groups in Columbus.

Chaco Credit Union »
Hamilton. Serving employees and retirees of any select employee groups near Hamilton.

New Horizons Credit Union »
Cincinnati. Serving members in Ohio, Indiana, and Pennsylvania.

CINCO Financial Credit Union »
Cincinnati. Serving employees of select employer groups in the Cincinnati area.

Fiberglas Federal Credit Union »
Newark. Serves employees of Owens Corning and other select employee groups.

Millstream Area Credit Union »
Findlay. Serving select employee groups in the Findlay area.

Clyde-Finlay Area Credit Union »
Clyde. Serves individuals who live or work in and around the communities of Clyde and Findlay, Ohio.

Countywide Federal Credit Union »
Beavercreek. Serving the communities of Montgomery and Greene counties in Ohio.

Faith Community United Credit Union »
Cleveland. Open to those living or working in Cuyahoga County.

Classic Federal Credit Union »
Clermont County. Serving educators working in Clermont County.

GenFed Federal Credit Union »
Available to employees and employee families of GenFed partner companies and organizations. Offices online and throughout Ohio.

DayAir Credit Union »
Kettering. Serves employees and members of affiliated organizations, their family and relatives.

Cinfed Credit Union »
Cincinnati. Serves select employee groups in Greater Cincinnati.

Columbus (Ohio) Teachers FCU »
Columbus. Serving educators working in the Columbus area.

Wayne County Community Federal Credit Union »
Smithville. Membership bond open to any resident of Wayne County.

Toledo Police Federal Credit Union »
Toledo. Membership is open to officers of the Toledo Police Department.

Cintel Federal Credit Union »
Cincinnati. Serves Cintel employees and their families.

Falls Catholic Credit Union »
Cuyahoga Falls. Serving members of the Roman Catholic Church living in Summit County.

Emery Federal Credit Union »
Cincinnati. Serving select employee groups and organizations.

Franklin County School Employees FCU »
Columbus, OH. Serving Franklin County School employees.

Ask for more than just rates. Bad loan officers will tell you anything to keep you on the phone -- then change the details to suit them later. Instead, make them get real with you! Ask how long they've been in the industry. Probe them about their experience in the industry. Also, ask what their opinion is on the current market and where it's going.

When refinancing, don't take the first offer that comes around. Instead you should actively compare both interest rates and lenders.

If you are planning to stay in your home for several years, then you can save money by paying points for lower interest rates. You pay up front fees to ensure you have lower interest payments over the course of your loan. Remember, this only works if you keep your mortgage for several months.

If you want to make sure the interest rate your lender offers you is the rate you get when you close the loan, ask about a mortgage lock-in (also called a rate lock or rate commitment). Any lock-in promise should be in writing. Make sure your lender explains any costs or obligations before you sign.