Notice: We are currently experiencing intermittent connectivity issues.  Online Banking and Mobile Banking are currently unavailable. Thank you for your patience as we work diligently to resolve this issue.
Notice: Campbell Branch is currently closed due to building maintenance. We apologize for the inconvenience and appreciate your understanding.
Find the nearest branch or ATM.
Notice: Our Gilroy branch is currently experiencing intermittent connectivity issues. Thank you for your patience as we work diligently to resolve this issue.
System Maintenance: On Thursday, February 15th, we’ll be performing a scheduled maintenance starting at 10 p.m. PST and ending at 2 a.m. PST on Friday, February 16th. During this time, Phone Banking will not be available. Thank you for your patience as we update our systems to better serve you.
We’re experiencing technical difficulties with our phone system. We apologize for the inconvenience.
Find the nearest branch or ATM.
ALERT: DON'T BE MISLED. 
County Federal will never call, email or text you to ask for information. Questions? Dial us directly at 800-282-6212 - we’re happy to help.
Find the nearest branch or ATM.
All County Federal offices and branches will be closed on May 27th, in observance of Memorial Day.
Find the nearest branch or ATM.
Are you impacted by the severe weather? Contact us today to apply for our Emergency Relief Loan.

What is Refinancing and How Does it Benefit Me?

What Makes Mortgage Rates Fluctuate

Published: October 5, 2018

What is Refinancing and How Does it Benefit Me?

Are you unhappy with the current terms on your home or auto loan? If so, then it may be time to refinance. Specifically, refinancing refers to a process where you take out a new loan with more beneficial terms to replace an existing loan. At Santa Clara County Federal Credit Union, we're proud to offer refinancing options for both home and auto loans.

Benefits of Refinancing

There are many benefits to refinancing when the time is right. Perhaps the greatest advantage is that of saving money over the repayment period of your loan by securing a lower interest rate than your current loan agreement allows. Even a savings of a fraction of a percent in interest can add up big time over the life of a loan. Furthermore, depending on the repayment terms of your new loan, refinancing could also lower your monthly payment and thus free up your hard-earned money for other things.

How to Know When It's Right For You

Because refinancing also comes with some up-front costs, it's important to make sure that it's the right time to refinance before you begin. Generally, if any closing costs or other fees associated with your refinance loan would be paid off (and then some) by the savings you'll enjoy from your new loan, then it's worth it. If you decide to refinance, then finding a lender that will minimize your up-front costs to do so is a must. At County Federal, we do our best to minimize your costs so you can reap the maximum benefits from refinancing.

Another sign it may be worth it to refinance is a situation where you had poor credit when you originally took out your existing loan, and your credit has notably improved since. As a result, you may get approved for a significantly lower interest rate and other favorable loan terms.

Refinancing Through County Federal

If you're ready to explore your refinancing options, County Federal is ready to help. We offer excellent home and auto loan terms that could save you money. Still not sure if refinancing is right for you?  Speak with one of our loan specialists today for more guidance. We'd be happy to help you reach the right decision for your needs.

NCUA
Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S. Government Agency.
Equal Housing Lender
Certified - CDFI - US Department of the Treasury
cross