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Old Hickory Credit Union

Making a Positive Difference in our Neighbors' Lives

615-847-4043

Refinance Mortgage

Mortgage RefinanceTaking out a mortgage to purchase your dream home can be a good financial strategy. A mortgage helps you purchase a property, build credit, and take advantage of home value appreciation. However, daily expenses can make it hard to keep up with your monthly payments. At times like this, applying for a refinance mortgage may be your best option.

Old Hickory Credit Union is a federal credit union that helps its members become economically independent. We do this by providing quality services in the form of excellent customer support, lower interests on loans, and higher dividends on deposits. If you plan to get a refinance mortgage, consider working with us. Our representatives can diligently work with you on your financial situation.

What Is a Refinance Mortgage?

One way to reduce your mortgage interest rate is to get a refinance mortgage. Some think that it is similar to a second home loan. However, the two are different. A second mortgage refers to a home loan that is taken out in addition to a first mortgage. It is borrowed from the equity in a home, which is the difference between the property’s full price and the outstanding balance of liens on the real estate. Meanwhile, getting a refinance mortgage is the process of replacing the original mortgage. 

In mortgage refinancing, the borrower takes out a loan (refinance mortgage) with another financial institution. The lent cash will then be used to pay off the original mortgage in full. Consequently, the borrower will be free from obligations to the first lender. Instead, the former will start paying the lender of the refinance mortgage. A refinance mortgage is usually taken out because it has more favorable terms.

Because Old Hickory Credit Union is member-owned, we prioritize shareholders over stockholders. Our policies are centered on helping members save money instead of generating the biggest profits. If you take out a refinance mortgage with us, you can benefit from low-interest rates and terms that cater to your best interests. The better the current mortgage rates or the higher your credit score, the lower the refinance mortgage rate you can obtain. 

Why Get a Refinance Mortgage

Are you falling behind on your monthly payments? Getting a refinance mortgage may just be your best financial solution! Here are reasons why you should consider applying for it:

Refinance Mortgage Benefit #1: Lower Interest Rates

Reducing your interest rate is one of the most common reasons for using a refinance mortgage. Since you had taken out your original mortgage, it is possible that the current mortgage rates have fallen and your credit rating has improved. These are the best times to get a refinance mortgage.

Refinance Mortgage Benefit #2: Consolidated Debts

You can consolidate your debts by taking out a refinance mortgage. Because a refinance mortgage usually has a lower rate than other loans, you can use it to pay off other debts and save money on interest.

Refinance Mortgage Benefit #3: More Affordable Monthly Payments

A refinance mortgage typically comes with lower interest than original mortgages. The lower the interest, the more affordable your monthly payments will be. By choosing a new term for your refinance mortgage, it is also possible to lower your monthly installments. You can do this by stretching the payoff date past that of your old home loan.

Refinance Mortgage Benefit #4: Improved Credit Ratings

If you get a refinance mortgage, you can increase your credit score. By making timely refinance mortgage payments each month, you get to improve your credit history. The more impressive your credit score, the lower the rates you may be granted. It will also be easier for you to apply for loans in the future.

Apply for a Refinance Mortgage

If you want to refinance your real estate, consider taking out a refinance mortgage with us! Old Hickory Credit Union is a safe and reliable place to handle your financial needs. You can learn more about our services by visiting www.ohcu.org.

Old Hickory Credit Union - Refinance Mortgage

Old Hickory Credit Union is a nonprofit and a member-owned financial cooperative established in 1934. Federally insured and state-chartered, we are here to make financial services affordable to our members.

Membership for Old Hickory Credit Union - Refinance Mortgage

Here are the people who are eligible to join our credit union:

  • Residents, workers, and churchgoers from the counties of Davidson, Sumner, Robertson, and Wilson, as well as those from the Smyrna or La Vergne communities
  • Employees who work under one of our Select Employee Groups
  • People who are married to or related by blood to any of our existing members 

With an initial deposit of $25, you can open a savings account with us. If you maintain your account, your minimum deposit ensures your lifetime membership.

Banking With Old Hickory Credit Union - Refinance Mortgage

  • Checking Accounts

To serve the different needs of our clients, we offer various options for checking accounts, including:

  • Basic Checking. This account needs a minimum daily balance of $100.
  • Green Checking. There is no maintaining balance or monthly service fee needed.
  • Student Free Checking. Designed for members who are 13 to 26 years old, the Student Free Checking account has no minimum balance or monthly service fee requirement.
  • My Way Senior Checking. This checking account, eligible to members 55 years and older, can earn dividends for account holders. It has no maintaining balance requirement or monthly service fee.
  • Premier Dividend Checking. Holders of this account may earn a higher rate of dividends. This checking account also has no maintaining balance needed or a monthly service fee.

The following features are included in all of our checking accounts:

  • Unlimited check-writing privileges
  • Overdraft protection from savings
  • ATM/debit card services
  • Online and mobile banking
  • Direct deposit availability
  • Savings Accounts

Here are some types of savings accounts we offer to our members:

  • Basic Savings Accounts. For this account, you need a $25 minimum balance. You can have unlimited deposits and up to five free withdrawals every quarter. Earn dividends with this savings account.
  • Health Savings Account. You may use this account for medical expenses. This account is safe from federal taxes if utilized by the principal holder, spouse, or dependents for qualified medical spending.
  • Share Certificates. You may get Share Certificates for a six-month term or longer.
  • Christmas Club Accounts. Members can make unlimited deposits in this savings account. The funds are transferred to account holders’ main savings accounts around October 15 every year.
  • Vacation Club Accounts. Enjoy unlimited deposits annually with this savings account. Money deposited into a Vacation Club account is transferred into the main savings account around May 15 each year.
  • Youth Accounts

Teaching young people about saving money and spending wisely can help them become responsible with their finances in the future. To help our members educate their children on financial responsibility, we offer the Save-A-Saurus and the Student Free Checking accounts.

Loans With Old Hickory Credit Union - Refinance Mortgage

 

Consumer Loans

  • Personal Loans. Get Signature Loans, Vacation Loans, or Personal Lines of Credit with various financing options. Your credit score, loan type, and loan term will determine the rates.
  • Auto Loans. Are you looking to buy a car, truck, or van? We can help. Our auto loans have competitive rates. Note that rates may vary depending on your credit scores as well as term and age of collateral. You may also choose from our loan terms that range from one to seven years. Apart from automobiles, we also offer financing for motorcycles, boats, and RVs.

Mortgage Loan

Enjoy our low mortgage fees for our loan products such as First Mortgages and Home Equity Loans. We offer reasonable interest rates and closing costs. Note that loans will go through the approval process. Restrictions may also apply.

Get in Touch With Us - Refinance Mortgage

If you are interested in joining a financial cooperative, turn to Old Hickory Credit Union. To learn more about our services, call us at (615) 847-4043 or our toll-free hotline at (800) 998-4043. You may also email us at questions@ohcu.org. We are looking forward to making a positive difference in the lives of our members.