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: Due to an outage, our phone system, ATM's, Branches, Online Banking and Mobile Banking are currently unavailable. 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.
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 to Know Before You Refinance to a 15-year Mortgage

What to Know Before you Refinance to a 15-year Mortgage

Published: December 26, 2018

What to Know Before You Refinance to a 15-year Mortgage

Imagine what it may be like to have your mortgage paid off in full. What could you do with that monthly payment? One of the best ways to get to that point in your life is to shorten the term, or the length, of your mortgage loan. Refinancing your mortgage from a 30-year loan to a 15-year loan can be a good thing. It offers a few key benefits. However, before you do so, consider a few things.

1. It Drastically Cuts Down on the Cost to Buy Your Home

One of the best advantages of reducing the term is reducing the amount of time that interest can build on the loan. This can mean thousands of dollars saved in interest costs. The amount you save depends on how long you have to continue paying on your existing loan. For example, if you have a 30-year loan with five years repaid, you’ll save a significant amount by cutting off 10 years of repayments. If, on the other hand, you have just 17 years left to repay your debt, the reduction is significantly less.

2. Your Payment May Be Higher

When you reduce the length of the term for your loan, you reduce the amount of time to pay off your debt. This causes the monthly payment to rise. If you can afford to increase your monthly payment some, though, this can help you save those funds and become mortgage-free sooner. Determine how much you can afford to pay each month to see if this is a beneficial move for you.

3. Learn the Details of the Loan

The interest rate on your new loan is an important consideration. Lenders charge interest at rates a bit higher for shorter-term loans (in some cases). Yet, the savings potentially outweighs this difference. At the same time, if the current interest rate you are paying is substantially higher than what you qualify for now, this could mean even more savings to you.

Keep in mind that there are other costs involved in refinancing a loan. You may need to pay closing costs or other fees. And, some people may need to receive a new home inspection and appraisal. Nevertheless, it’s worth contacting your lender to find out how much you can save by refinancing your mortgage.

To learn more about our loan refinance options or about Santa Clara County Federal Credit Union, click here. Our team works with you to help you find the best route for refinancing your mortgage.

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