Mortgage Refinance
A mortgage refinance is your opportunity to change your term, access your equity, and even lower your rate!
Our Credit Union Mortgage Refinance Offer These Benefits:
Access Your Home Equity
It’s possible to tap into your home’s equity if it’s gained value. Use that money for home improvements and more.
Shorten or Extend the Term
Get a shorter-term mortgage to be mortgage-free faster or a longer term for lower payments.
Change Your Loan
Switch your fixed-rate or ARM mortgage type and save money.
Reduce Your Rate
You might qualify for a lower APR if the market rates have dropped or your credit score has improved.
Details About Mortgage Refinancing in Birmingham
A credit union mortgage refinance means you get an entirely new mortgage to replace your old one. Here are a few tips to help you determine if a mortgage refinance is right for you:
- Choose new terms of 10, 15, 20, or 30 years to obtain a monthly payment suitable for your budget.
- If you’re tired of dealing with an out-of-state mortgage provider who isn’t meeting your needs and would like to enjoy local servicing.
- If your finances have improved significantly, you may qualify for a lower interest rate.
- You can switch from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage.
- Cash out your equity for a vacation, home improvements, debt consolidation, and more.
- Much like your original mortgage, you will need to pay closing costs. Ensure the gains will outweigh the potential expense.
Refinancing your mortgage through Legacy Credit Union will allow you to take advantage of our local servicing, and you’ll always have a friendly face to answer any questions.
Legacy Credit Union Mortgage Refinance Rates
| Product | Term | Rate* | APR** |
| Mortgage Refinance | 10 Year | As low as 6.000% | 6.358% |
| 15 Year | As low as 6.000% | 6.253% | |
| 20 Year | As low as 6.125% | 6.327% | |
| 30 Year | As low as 6.375% | 6.529% |
Rates are current as of 12/21/2024 and are subject to change without notice.
See Our Simple Application Process for Mortgage Refinancing in Birmingham
Apply Online
Enter in your financial and personal details through our secure online portal, and we’ll be in contact shortly.
Quick Review
We’ll perform a review to see if you qualify. If you’re approved, we’ll present you with a rate for your chosen loan.
Get Your Payment
We will pay off your old home loan, and you’ll immediately start saving money with your new mortgage!
★★★★★
“Very awesome credit union. Anyone in or near Birmingham should join. They care about their members and are big supporters of UAB athletics and a very generous company. I would highly recommend them to anyone with lending needs. Their staff will work with you to assist you in anyway they can.”
– Kimberly M., Birmingham, Alabama
Mortgage Refinance FAQs
Your new interest rate and annual percentage rate (APR) are determined by your credit score. Simply put, the higher your score, the lower your mortgage rate.
If you’ve been making your mortgage payments on time, there’s a good chance that your credit score has gone up. The best way to find out is to apply and see what kind of rates you’re approved for.
Documentation will vary based on the type of mortgage refinance you’re applying for. Here are the documents that you’ll need:
- Social security number (for all borrowers)
- Your current address and all prior addresses for the past two years
- Two years of employment history along with employer’s name, phone number, and address
- Income info for all borrowers. You’ll be asked for salary, bonuses, overtime, interest, commissions, retirement income, along with other income sources
- Your current loan balance, the year that you purchased the property being refinanced, original cost, and payment amount.
- Brokerage and bank information including current balances and institution name
- Information on any other real estate property that you own
- Information about your existing debts—creditor, account number, current balance, and monthly payment
Yes, you will need to become a member to apply for refinancing your mortgage. The good news is that we can help you do so while you apply. In addition to applying for a mortgage refinance, you’ll get to take advantage of the multiple benefits that Legacy Credit Union members enjoy!
There are a wide variety of reasons to refinance your mortgage:
- If your credit score has improved—you could get a better rate
- If your finances have improved and you want to pay off your mortgage quicker
- If you’re struggling to make payments on a shorter term mortgage, you can switch to a longer one for a newer and lower monthly payment
- Lower interest rates will also reduce the monthly payment
Contact Legacy Today:
More Home Loan and Financing Options
Mortgage Loans
Find the right home loan that fits your goals so you can enjoy lower monthly payments!
Home Equity Line of Credit (HELOC)
A Home Equity Line of Credit Loan (HELOC) will allow you to use your existing home equity to secure a line of credit from $10,000 up to $100,000.
Home Equity Loan
Discover if you can tap into your home equity to enjoy the lowest rates and use the funds as you see fit!
*The interest rate, annual percentage rate (APR), origination fees, discount points and closing costs are subject to change without notice.
**Your APR will vary based on your final loan amount, credit history, loan to value, margin, and finance charges.