If you’re a rate watcher, then you know that mortgage rates can change daily. When home loan rates decline, it’s not uncommon for members to ask us if it’s the right time to refinance their home loan.

We encourage our members to look into the possibility of a mortgage refinance. Quite often, a mortgage refinance will help a member save hundreds of dollars on monthly payments, and thousands of dollars in interest over the term of the loan. Don’t forget… Goldenwest members save even more in closing costs with our one-half percent origination fee on most mortgage loans.

With lower mortgage rates, many members elect to refinance their homes from a 30-year term to a 15- or 10-year term. By refinancing to a shorter term at a competitive rate, members can pay off their mortgage in a lesser amount of time while reducing the overall interest they pay on the loan.

If you currently have a mortgage with an adjustable rate, you may worry about what will happen when rates do increase. By refinancing to a lower fixed-rate loan, you will gain greater financial stability knowing that your monthly housing payments will remain the same at this new rate.

Is it the right time to refinance your mortgage? For many members, the answer is “yes”. Stop by any Goldenwest office or call 800-283-4550 to learn more about declining interest rates, and if a mortgage refinance will help you save money. You can also find your local mortgage originator at https://www.gwcu.org/loans/originators.