Home Refinance - Knoxville TVA Employees Credit Union

WHY REFINANCE?

Refinancing a home loan is when you get a new home loan^{1, 2} or mortgage loan^{1, 2} to replace your current one. The most common reasons to refinance a home loan are:

Lower monthly payments
Lower interest rate
Update term of the loan (30-year, 15-year)
New loan type, like removing the PMI option from a current loan
Cash-out home equity

HOME LOAN CALCULATOR

HOW DOES IT WORK?

When you refinance your existing mortgage loan, you follow similar steps as if you were applying for a new home loan. However, instead of using the loan to fund the purchase of a new home, loan funds are used to pay off your existing mortgage. Refinancing typically helps you
save money.

When it comes to refinancing, you have options. Our Home Loan Officers help you find a rate and loan term that best matches your refinancing goals.

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30 Year Fixed-Rate Mortgage
Effective 11-21-2024
As low as...
3.186% APR¹
Interest rates as low as 3.000%

A fixed-rate mortgage loan of $200,000.00 for 30 years at 3.000% interest and 3.186% APR will have a monthly payment of $843.21. Taxes and insurance not included; therefore, the actual payment obligation will be greater.

VIEW MORTGAGE RATES

15 Year Fixed-Rate Mortgage
Effective 11-21-2024
As low as...
2.585% APR²
Interest rates as low as 2.250%

A fixed-rate mortgage loan of $200,000.00 for 15 years at 2.250% interest and 2.585% APR will have a monthly payment of $1,310.17. Taxes and insurance not included; therefore, the actual payment obligation will be greater.

VIEW MORTGAGE RATES

MORE WAYS TO SAVE
Refinancing your home with a new mortgage is a big decision. There are many reasons to refinance your home.

Lower Your Interest Rate
Reduce Monthly Payments
NEW Loan Term
NEW Home Loan Without PMI

Whatever the reason is, our Home Loan Officers are here to help you find the best Home Loan to replace your current mortgage loan!

CALCULATE PAYMENT CHECK RATES GET STARTED

TALK TO OUR
LOAN OFFICERS

Contact us to talk to a Home Loan Officer. We help you every step of the way for the best home loan experience possible.

COMPETITIVE
RATES

In addition to our friendly Member service, we offer competitive rates. Explore our rates and get pre-qualified today!

NO PMI
OPTIONS

While Private Mortgage Insurance offers lower down payments, you may not need it. Let us help you determine if you it's for you.

HOW TO GET STARTED

Our Loan Officers aim to provide the best service possible. We know the importance of having a strong partner to help you find the right loan for you. We are committed to helping you understand your options and answering your questions. Here are some resources to help you get started:

HOME LOAN CALCULATOR VIEW RATES ADDITIONAL RESOURCES ONLINE APPLICATION

WHAT YOU NEED FOR YOUR APPLICATION

Two forms of identification (including one photo ID)
Two-year work history
Most current pay stub (within last 30 days)
W-2s and tax returns (from the last two years)
Bank statements (from the last two months)
Address history (from the last two years)
Homeowner insurance company name and phone number
Sales contract (only for purchase loans)
Legal description of the property (Warranty Deed or Trust Deed)
Current mortgage statement (if applicable)
Most recent awards letter for Social Security and/or pension income (if applicable)

¹APR = Annual Percentage Rate. Restrictions apply. Not a government-affiliated agency. All applications subject to underwriting guidelines and approval. Rates based on creditworthiness. Ask for details. Please note the interest rate and fees shown are available to borrowers with excellent credit history with loan-to-values up to 80% of the appraised value or sales price of the property, whichever is the least amount. If the loan-to-value is higher than 80%, please contact us for a rate quote. The actual interest rate and fees available to you may be different than the rates displayed. All interest rates and APRs shown are subject to change without notice.A fixed-rate mortgage loan of $200,000.00 for 30 years at 3.000% interest and 3.186% APR will have a monthly payment of $843.21. Taxes and insurance not included; therefore, the actual payment obligation will be greater.
²APR = Annual Percentage Rate. Restrictions apply. Not a government-affiliated agency. All applications subject to underwriting guidelines and approval. Rates based on creditworthiness. Ask for details. Please note the interest rate and fees shown are available to borrowers with excellent credit history with loan-to-values up to 80% of the appraised value or sales price of the property, whichever is the least amount. If the loan-to-value is higher than 80%, please contact us for a rate quote. The actual interest rate and fees available to you may be different than the rates displayed. All interest rates and APRs shown are subject to change without notice.A fixed-rate mortgage loan of $200,000.00 for 15 years at 2.250% interest and 2.585% APR will have a monthly payment of $1,310.17. Taxes and insurance not included; therefore, the actual payment obligation will be greater.