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Is
Refinancing Right for You?
Long-term interest rates have plunged recently. And, many of today's mortgage
holders may benefit from trading in their current loan for a new one.
Are you among them? If your mortgage is an adjustable rate mortgage (ARM),
or if the interest rate is 7.50% or above on your fixed-rate loan, you
may benefit from refinancing. An important point to consider when analyzing
your current mortgage vs. refinancing is to remember that even a small
rate cut can pay off quickly. Union Bank offers loans that require no
origination fees or discount points. With this type of loan, the old rule-of-thumb
stating that the interest rate must drop at least two percentage points
to make refinancing worthwhile no longer applies. If you answer "yes"
to any of the following questions, refinancing may make sense for you:
- Do you plan to stay in your home two years or
longer?
- Is your current fixed rate above 7.5%?
- Do you have an adjustable rate mortgage?
- Do you need to consolidate any other installment
debt, such as a car loan or credit card debt?
- Do you need to make any improvements to your home?
Contact
our Home Lending professionals today. We can help you assess your
refinancing needs. |
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Important Information About Procedures For Opening A New Account—
To help the government fight the funding of terrorism and money laundering
activities, Federal law requires all financial institutions to obtain,
verify, and record information that identifies each person who opens an
account. What this means for you: When you open an account, we will ask
for your name, address, date of birth, and other information that will
allow us to identify you; we may also ask to see your driver’s license
or other identifying documents.
FDIC Insurance:
For general information on FDIC Insurance, click here. For an important disclosure regarding deposit insurance on noninterest-bearing transaction accounts, click here.
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| ©2011 Union Bank & Trust Company. All Rights Reserved. MEMBER
FDIC. |
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