Make your home more affordable
Refinancing your mortgage can give you additional flexibility if you want to lower your payments or pay off your mortgage faster. If you're not happy with your mortgage loan, we may be able to help - whether it involves lowering your payment or changing the loan term.
Reasons to refinance your mortgage
There are a variety of reasons to consider a mortgage refinance. Here are the most common:
- Lower your monthly payment—Take advantage of current refinance rates to reduce your monthly loan payments.
- Pay off your mortgage faster—Switch to a shorter term and say goodbye to your mortgage sooner.
- Consolidate debt—Utilize your home's equity to help pay off debt faster.
- Get cash from your home—Use the equity in your home to provide funds for other purposes.
Refinance your home loan and save. Get started today.
NMLS #414689. Rio Grande Credit Union (RGCU) is an Equal Housing Lender. RGCU Membership required. This is not an offer to extend consumer credit as defined by Section 1026.2 of Regulation Z.
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You will need to provide the following for a mortgage refinance:
1. Tax returns
We will need to get the full story of your financial situation. You’ll need to sign a Form 4506-T, which allows us to request a copy of your tax returns from the IRS. We will ask for two years’ worth of tax returns. This is to make sure your annual income is consistent with your reported earnings through pay stubs and there aren’t huge fluctuations from year to year.
2. Pay stubs, W-2s or other proof of income
We will ask to see your pay stubs from the past month or so. Your tax returns help give us a clear idea of your overall financial health, while pay stubs help us gauge your current earnings. If you’re self-employed or have other sources of income (such as child support), you may need to show proof through 1099 forms, direct deposits or other means.
3. Bank statements and other assets
When assessing your risk profile, we may want to look at your bank statements and other assets. This can include your investment assets as well as your insurance, such as life insurance. This is to make sure you have several months’ worth of reserve mortgage payments in your account in case of an emergency. We also check to see that your down payment has been in your account for at least a few months and did not just show up overnight.
4. Credit history
In order to assess you as a borrower, we will pull your credit report — with your written permission. You may need to explain any blemishes on your credit report.
5. Gift letters
Your friends and family might help you buy a house by giving you money. If that’s the case, you’ll need to provide a written confirmation the money is indeed a gift and not a loan. The documentation should list their relationship to you as well as the amount of the gift.
6. Photo ID
You’ll need to provide a photo ID, such as a driver’s license. This is simply to prove you are who you’re claiming to be.