As our journey in life changes so can your mortgage. Now may be the time for you to get a mortgage works with you and your goals.
As our journey in life changes so can your mortgage. Now may be the time for you to get a mortgage works with you and your goals.
Create your dream yoga space or consolidate credit cards or student loans.
Refinancing can be a powerful way to lower your interest rate, take some of the value out of your home to use for home improvements or debt consolidation, or, simply to lower your monthly mortgage payment.
Thinking about refinancing your home? We have the resources to get you started. Begin with considering why you want to refinance. If you need more help determining your refinance path, our loan officers are waiting by to help.
Why do you want to refinance?
To help decide if you should refinance or not, you must first establish goals. The most common reasons for refinancing a mortgage are to:
A lower mortgage payment means more money in your budget for other priorities. There are several ways you can lower your payment by refinancing.
Lower interest rate:
If rates are lower, it’s worth talking to a Gesa loan officer to attain a lower interest rate. Getting a lower rate means lowering the interest portion of your monthly payment, and big interest savings in the long run.
Get rid of mortgage insurance:
This is a monthly fee that you pay to protect your current lender in the event that you default on the loan. Mortgage insurance is usually only required when you put down less than 20%. You could save hundreds of dollars a year by refinancing to stop paying monthly mortgage insurance.
Change your mortgage term:
Lengthening your term stretches out your payments over more years, which makes each payment smaller.
With a cash-out refinance, you can take advantage of the equity in your home. When you refinance for a higher loan amount than what you currently owe, you can pocket the difference and use the tax-free money however you like.
Many homeowners use cash for credit card debt, student loans, home improvements, or education costs. Mortgage interest rates are typically lower than interest rates on other debts making a cash-out refinance a great way to consolidate or pay off debt. And remember, mortgage interest is generally tax-deductible, but the interest on other debts usually is not.
You may be able to take cash from your home if you’ve been paying on the loan long enough to build equity or the market value has adjusted in your favor. A higher value on your home means Gesa can give you more money when refinancing.
Shortening your mortgage term is a great way to save money on interest. Shortening your term almost always means you’ll receive a better interest rate, too. A better interest rate and fewer years of payments mean big interest savings in the long run.
It is important to know that shortening your term may increase your monthly mortgage payment. But, less of your payment will go toward interest, and more of it will go toward paying down your principal loan balance. This allows you to build equity and pay off your home much faster.
Once you have a clear goal in mind, begin evaluating your current financial situation.
The best way to estimate your home value is to check the sale prices of similar homes near you. The more recent the sale, the better! Understanding the value of your home can tell you how much equity you have.
An appraisal value that is lower than expected can impact your refinance along with plans for using the cash.
If you want to explore a new build instead of refinancing, then contact a loan officer today.
Construction loans require special loan documentation and can get a bit tricky. Our loan officers are ready to help you navigate the world of short-term, single-close, and construction-permanent loans.
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Up to 5.00% APY
On select checking accounts!
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| Disclaimer | ||
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| SmartPlus Checking | [APY] Minimum opening balance of $25 required if the account is opened online. In order to earn APY and receive unlimited domestic ATM fee refunds, you must meet the following requirements during each monthly qualifying period: provide and maintain valid email address, apply for and use your Visa debit card to make 15 debit card transactions that post and settle to your account, have at least one direct deposit of $200 or more post to your account, and enroll to receive eStatements. If the requirements are not met during the monthly qualifying period, the “non-qualifying” 0.01% APY will apply to the entire balance. Dividends on a SmartPlus Checking account will be compounded and credited to a member’s account each month. Dividends are calculated using the daily balance method. Qualifying account balances must meet minimum requirements. Rate may change after the account is opened. The qualifying period begins with the first day of the calendar month and ends on the last day of the calendar month at 6:00 P.M. Pacific Time. ATM fees of $4.99 or less will be reimbursed up to a maximum of $4.99 per individual transaction. No monthly fees and no minimum balance required to open or maintain account unless opened online. Fees could reduce earnings on the account. Limit of one SmartPlus Checking account per member. APY is accurate as of , the last dividend declaration date. | A7KD4W9LQXZT |
| Smart Checking | *There is a minimum opening balance requirement of $25.00 if the account is opened online. Regular users of Gesa’s electronic services may want to consider SmartPlus Checking for additional benefits. [Courtesy Pay] | M3VY82CNRLKP |
| Student Checking | [APY] Dividends on Student Checking Accounts are calculated using the daily balance method and will be credited to the member’s account every month. Rate may change after the account is opened. If you close your account before dividends are paid, you will not receive the accrued dividends. The minimum balance to open an account is $5.00, the par value of a share. Courtesy Pay is not offered on Student Checking Accounts. Only electronic transactions such as debit card or ACH transactions are permitted. Fees could reduce earnings on the accounts. | JXZ7V5MWLQ92 |
| Smartplus Savings | [APY] In order to earn a high dividend rate, you must meet the following requirements during the qualifying monthly period: a) provide and maintain a valid email address; and b) be enrolled to receive e-statements. If the requirements are not met during the monthly qualifying period, the “non-qualifying” 0.01% APY would apply to the entire balance. Dividends on an SmartPlus Savings Account will be compounded and credited to a member’s account each month. Dividends are calculated using the daily balance method. Qualifying account balances must meet minimum requirements. Rate may change after the account is opened. The qualifying period begins with the first day of the calendar month and ends on the last day of the calendar month at 6:00 P.M. Pacific Time. No monthly fees and no minimum balance required to maintain account. Minimum opening deposit of $5. Fees could reduce earnings. Limited to one SmartPlus Savings account per member. | P9T6QF2XJBLC |
| Smart Savings | [APY] Dividends on Smart Savings are calculated using the daily balance method and are paid monthly. Rate may change after the account is opened. No monthly fees and no minimum balance required to maintain account. Minimum opening deposit of $5. Fees could reduce earnings on the account. | Y4MKZ3WVTPQ8 |
| High-Yield Savings | [APY] Dividends on the High Yield Savings account are calculated using the daily balance method and are paid monthly. No monthly fees and no minimum balance required to maintain account. Minimum opening deposit of $5. Fees could reduce earnings. | NDLXQ98R5VTE |
| Money Market | [APY] Dividends for the Money Market Account are calculated using the daily balance method which applies a daily periodic rate to the balance in the account each day. You must maintain a minimum daily balance of $2,500.00 in your account each day to obtain the disclosed annual percentage yield. The minimum balance required to open this account is $2,500.00. There is a minimum average daily balance of $2,500.00 required to avoid a service fee for the calendar month. If the minimum average daily balance requirement is not met, you will be charged a service fee as stated in the Consumer Fee Schedule. New rates are set on the first of each month; rate may change after the account is opened. Fees could reduce earnings on the account. | GQ37ZVKY1WLM |
| Fixed Certificate | [APY] A penalty may be imposed for early withdrawal. Fees may reduce earnings. The minimum balance to open the certificate is stated in the chart. Early withdrawal penalties apply (a penalty may be imposed for withdrawals before maturity): If your account has an original maturity (term) of less than 12-months: The penalty will equal 90 days interest on the amount withdrawn subject to penalty. If your account has an original maturity (term) of 12-months or more – up to, but less than 36-months: The penalty will equal 180 days interest on the amount withdrawn subject to penalty. If your account has an original maturity of 36-months or more – up to, but less than 48-months: The penalty will equal 365 days interest on the amount withdrawn subject to penalty. If your account has an original maturity of 48-months or greater: The penalty will equal 540 days interest on the amount withdrawn subject to penalty. In certain circumstances such as the death or incompetence of an owner of this account, the law permits, or in some cases requires, the waiver of the early withdrawal penalty. For any account which earns an interest rate that may vary during the term such as a bump certificate, the interest rate we will use to calculate this early withdrawal penalty will be the interest rate in effect at the time of the withdrawal. You may make withdrawals of principal from your account before maturity. In making such withdrawals, your balance may not fall below the minimum or we will close your account. Principal withdrawn before maturity is included in the amount subject to early withdrawal penalty. You can withdraw interest only on the crediting dates without penalty. A $500 minimum deposit is required for consumer, IRA, and business certificates. Early withdrawal penalties may apply and may reduce earnings. Certificate rate is for a limited time only and could end at any time. Stated rate as of the first day of the month. | H85PLKJXZ2QM |
| Bump Certificate | [APY] A penalty may be imposed for early withdrawal. Fees may reduce earnings. The minimum balance to open the certificate is stated in the chart. The Certificate owner must contact Gesa Credit Union to request the one-time rate increase on Bump Certificate accounts. The rate on the Bump Certificate will be changed on the following business day of the date Gesa Credit Union receives the request. The bump option can only be exercised once during the term of the Certificate and does not increase the term of the certificate. The new interest will not be applied retroactively. The new interest rate will be the interest rate we are then offering on regular certificates (non- bump rate certificates) that have the same term and minimum balance. Bump Certificates are only available for consumer and IRA Certificates. Early withdrawal penalties will apply. Minimum deposit balance must be maintained to earn APY and fees may reduce earnings on the account. Special offer for a limited time only. | RXNQ72MLYV9C |
