Shorter term.
Save money.
Shave years off your mortgage and lower the amount of interest you'll pay by refinancing to a shorter term loan with WECU.
Mortgage and Home Loan Refinancing
Refinancing a home loan with WECU can unlock your home’s potential. We can partner with you to explore lowering your interest rate and/or monthly payments, consolidate debt, or access cash. If you purchased your home in the last 18 months, join our priority mortgage refinance list to explore how we can help you achieve your financial goals. Apply Now Join Refi Priority List
Check out our great refinance rates for Washington State
| Loan Type | Rate* | Points | APR** | Example Loan | Monthly Payment*** | effective date |
|---|---|---|---|---|---|---|
| 30-Year Fixed | 6.750% | 0.875% | 6.892% | $300,000 | $1,945.79 | 7/11/2025 |
| 15-Year Fixed | 5.875% | 0.875% | 6.096% | $300,000 | $2,511.36 | 7/11/2025 |
| 7-Year ARM | 5.750% | 1.000% | 6.523% | $300,000 | $1,750.72 | 7/11/2025 |
| 30-Year Fixed Invest | 7.375% | 1.000% | 7.512% | $300,000 | $2,072.03 | 7/11/2025 |
| Jumbo 30-Year Fixed | 6.625% | 0.875% | 6.750% | $900,000 | $5,762.80 | 7/11/2025 |
| Jumbo 15-Year Fixed | 5.750% | 0.875% | 5.944% | $900,000 | $7,473.69 | 7/11/2025 |
| 7-Year Jumbo ARM | 5.625% | 0.875% | 6.373% | $900,000 | $5,180.91 | 7/11/2025 |
*Rates are for owner occupied (unless specifically noted as Investment), single-family refinance of existing balance, 75% loan to value and credit score of 780.
**The Annual Percentage Rate (APR) is the cost of credit expressed as a yearly rate. The APR takes into account closing costs and fees. Interest rates, APRs, and points shown are subject to change without notice.
***Payment examples are principal and interest only and do not include amounts for taxes and insurance premiums. Actual payment may vary based on your specific situation.
Why Do You Want to Refinance?
Refinancing your mortgage with WECU can help you save time and money, increase your cash flow, or put your home's equity to work. Calculate what your new payment would be with our 15 vs. 30 year mortgage calculator.
Are you a veteran?
Refinance Your Mortgage with a VA Loan
Maximize the benefits of your service with VA loan refinancing options tailored to your needs. Take advantage of competitive rates, flexible terms, and personalized support as you refinance your home. Visit our VA loans page to explore how we can assist you in achieving your financial objectives.
Mortgage Refinancing Frequently Asked Questions
How does mortgage refinancing work and how long does the process take?
A mortgage refinance involves replacing your existing primary mortgage with a new loan that aligns with your current financial needs. Typically, members explore refinancing to reduce monthly payments, take cash out of the available equity in their homes, or structure the loan to be paid off sooner. The loan process may vary based on the uniqueness of each transaction, but a generally 4-5 weeks.
What are WECU’s home loan refinancing requirements?
To discuss home loan requirements, book an appointment with a WECU loan officer to explore your options. WECU will look at several factors including credit score, income, debt-to-income ratio, property valuation, loan purpose, as well as all available loan products to ensure we meet your financial goals.
If I have a current mortgage with WECU and want to refinance, will I have to pay closing costs again?
Yes, usually refinancing involves paying costing costs. These can include but are not limited to appraisal fees, title insurance, points, or other related expenses. You may be eligible for $500 off your refinance if you purchased your home with WECU during our Purchase Promise promotion.
How are refinancing interest rates determined?
Rates are influenced by multiple factors, these can include but are not limited to current market conditions, credit score, loan amount and the LTV (loan-to-value) ratio. Other considerations are discount points and property type (primary residence, second home, or investment property). Understanding these factors can help you navigate the refinancing process. Generally, it is worth refinancing once rates are 1% below a homeowner’s current rate. For example, if you drop your mortgage interest rate from 6.5% to 5.5%, you could save $321 per month on a $500,000 loan.
When refinancing my mortgage, can I get extra money at closing so I can pay off other debt?
Yes, you can apply for a cash out refinance loan. This refinance option is great for accessing the equity in your home to consolidate debt, cover large expenses, or make improvements to your home. Your WECU real estate loan officer will help guide you through your options.
How does my credit rating affect my home loan interest rate?
In general, a higher credit score provides a broader range of pricing options which can equate to lower costs. Conversely, lower scores reduce the range of available rates, often elevating the overall cost of the loan. While credit scores do play a part in the costs or rates of a loan, they are not the only important factor.
Mortgage Refinancing Resources
When Should I Refinance My Mortgage?
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Reasons to Tap Into Your Home's Equity
Tapping into the equity of your home can be a great way to borrow money at lower costs and interest rates than other financing options…
How to Pay for Home Improvements
Home renovations are expensive. Want a new kitchen? That could set you back $25,000. New bathroom? That’ll be $10,000 on average. While it’d be nice to pay out of pocket for these costs…
Ready to Refinance Your Mortgage?
Get started today with WECU for fast, flexible, and convenient home refinance solutions.
The information provided on this page is for comparative purposes only. Rates and terms may change at any time and without prior notice. Your actual rate, payment, terms and costs could be different. Get an official Loan Estimate before choosing a loan. Your rate, fees, and terms may differ based on when your rate is locked, actual occupancy status, loan purpose, loan amount, credit score, debt to income ratio, loan to value ratio, etc. The payment examples do not include mortgage insurance. The actual payment will be higher if mortgage insurance is required on your loan. The payment examples do not include amounts for taxes and insurance premiums. Your actual payment obligation will be greater considering taxes and insurance premiums.
For current pricing on Multi-Unit (2-4 family) properties or Single-wide/Manufactured Homes in a park, contact one of our Team Members at 800-525-8703 x7390 or through our Team page.