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Should I Refi?


Raise your hand if you’d like to save some money this year! If your hand is raised (and why wouldn’t it be?), we’re happy to tell you that SMW 104 Federal Credit Union can help you put more of your hard-earned cash back into your pocket.

Refinance Current Loans

Did you purchase a home when interest rates were higher, buy a new car and finance through the dealership, use a high-interest credit card to pay for home repairs or medical bills? A refinance or consolidation loan from SMW 104 Federal Credit Union can help to lower your monthly payments.

When you take out one lower-interest-rate loan to cover all the balances, you can save money, pay off your debt sooner, and reduce your stress by only having only one monthly payment.

Reasons you may be looking to refinance:

  1. You Need to Change Your Loan Term – Lengthening your loan terms can reduce your monthly payment but may add more interest over time. When you shorten, it could lower your interest rate and help you pay it off much sooner.
  2. You Need Cash to Pay Off Debts – Refinancing your home may help you take out positive equity that you have in your house. A cash-out refinance allows you to take advantage of the equity you have in your home by replacing your current loan with a higher-value loan and taking out a portion of the equity you have.
  3. You Want to Do Home Improvements or Renovations – This could be another reason to take advantage of the positive equity in your home. Needing to upgrade your bathroom or building a nice outdoor space goes from a dream to reality.
  4. The Deal You Originally Got Isn’t Very Good – Sometimes buying a car may look like a great deal through the dealership’s lending, but you come to realize the payment and interest is higher than you’d like. Refinancing with SMW 104 Federal Credit Union can help lower your interest rate and save money in the long run.

Deciding Factors Leading to Refinancing:

  1. Assessing Your Finances – Are you in a good position to pull your credit again? Looking at the bigger picture of your financial goals can help determine if now is the time to apply for the refinance.
  2. Understanding Mortgage Refinancing – Using a financial calculator can help get a good idea of what a potential new mortgage payment could look like to help determine if it is going to be the payment you are looking for.
  3. Consider Timing If you just had some large expenses or pulled multiple new loans elsewhere, it might be a great time to write a new budget and plan when the right time will be.


Contact us today with any questions or apply now if it’s time for you to refinance today!