Mortgage Refinance from GenFed Financial Credit Union
Compare GenFed mortgage refinance options, including Fixed Rate Mortgages, Adjustable Rate Mortgages, Balloon Mortgages, and cash-out refinancing.
Apply to Refinance
Prefer to see numbers first? View GenFed’s mortgage refinance rates.
Have questions before applying? Call or text 330.849.3013.
| Quick Answer: Can I refinance my current mortgage with GenFed? |
|---|
| Yes. GenFed offers mortgage refinance options for eligible applicants, including mortgages currently held by another lender. You can apply online and upload documents before becoming a member, but the loan cannot be funded until membership is established. GenFed currently offers mortgage refinancing. Purchase mortgages are not currently available. |
What mortgage refinance options does GenFed offer?
GenFed offers Fixed Rate Mortgages, Adjustable Rate Mortgages, and Balloon Mortgages for mortgage refinancing. Cash-out refinancing is available with each option, subject to loan-to-value and other lending requirements.
Fixed Rate Mortgages
A fixed rate mortgage keeps the same interest rate for the life of the loan, which can help borrowers who want predictable payments.
Fixed Rate Mortgage features include:
- Many term and payment options available
- Low fixed rates
- Low closing costs
- No PMI
- Borrow up to 95% of your home’s value on qualifying mortgage refinance loans
- Access to dividend-earning escrow account
- Available for owner-occupied property
Adjustable Rate Mortgages
An adjustable rate mortgage starts with a rate for a set period, then adjusts based on the terms of your loan. Before choosing an ARM, ask about the initial rate period, adjustment schedule, and payment risk.
Adjustable Rate Mortgage features include:
- Low closing costs
- Competitive rates
- No annual fees
- No PMI
- Available for owner-occupied property
Loan-to-value options are available. Speak with a GenFed loan advisor for details.
Balloon Mortgages
A Balloon Mortgage may offer lower payments up front, with a larger balance due at maturity. Before choosing this option, make sure you understand how the final payment works and what your plan will be when the loan matures.
Balloon Mortgage features include:
- Low closing costs
- Competitive rates
- No annual fees
- No PMI
- Borrow up to 90% of your home’s value
- Available for owner-occupied property
Loan-to-value options are available. Speak with a GenFed loan advisor for details.
Do I need to refinance to access my home equity?
No. If you want to borrow against your home’s value without replacing your current mortgage, GenFed also offers Home Equity Loans and Home Equity Lines of Credit. You do not need to have your current mortgage with GenFed to use these options.
Explore GenFed Home Equity Loans and Lines of Credit.
What are the benefits of refinancing a mortgage with GenFed?
GenFed mortgage refinance loans have no prepayment penalties, no PMI, and free weekly and bi-weekly payment options, and GenFed currently services its loans after closing.
| Benefit | What it means |
|---|---|
| No prepayment penalties | Pay off your loan early without a GenFed prepayment fee. |
| Weekly and bi-weekly payment options | Pay more frequently to help reduce principal faster. These options are free at GenFed. |
| Payroll deduction | Have payments taken directly from your paycheck. |
| Remote loan payments | Pay through online banking, at a GenFed branch, or at a shared-branch location. |
| Possible tax benefits | Mortgage interest may be tax deductible; consult a tax advisor about your situation. |
| Financial counseling | Access GreenPath education and counseling for budgeting, credit, debt, and mortgage payment assistance. |
| Homeowners insurance through TruStage | Access homeowners insurance through TruStage, underwritten by Liberty Mutual Insurance Company. |
| GenFed’s NMLS number is 446241. Contact GenFed to request a list of mortgage loan originator names and NMLS numbers | |
Make Loan Payments GreenPath financial counseling TruStage Homeowners Insurance
What are GenFed’s current mortgage refinance rates?
GenFed's 15 Year Fixed mortgage refinance rate is as low as 4.99% APR and the 30 Year Fixed is as low as 5.49% APR.
*GenFed publishes its Real Estate Loan Rates as “APR as low as” rates, and the rates below apply to refinance loans, not purchase mortgages.
See the GenFed Loan Rates page for current rates and disclosures.
| Mortgage refinance option | APR as low as* |
|---|---|
| 15 Year Mortgage (Fixed) | 4.99% |
| 30 Year Mortgage (Fixed) | 5.49% |
| 3/3 Adjustable Rate Mortgage (Variable) | 6.50% |
| Balloon Mortgage (Fixed) | 7.25% |
| APR is Annual Percentage Rate. Mortgage refinance rates effective 7/1/2026 and subject to change at any time. All loans are subject to approval and terms. Rates include all possible discounts; contact GenFed to determine which discounts apply to you. | |
| Published "as low as" rates assume a loan-to-value ratio of 80% or lower. Lien position, credit tier, loan type, term, property details, and other underwriting factors may affect the rate and discounts available. A product's maximum loan-to-value limit does not guarantee the lowest published APR. | |
Is refinancing worth it right now?
Mortgage refinance may be worth a closer look when a new loan could improve your rate, payment, term, or payoff timeline enough to outweigh closing costs.
- Refinancing may be worth a closer look if:
- Your current mortgage rate is higher than the mortgage rates currently available to you.
- You want to lower your monthly payment.
- You want to shorten your term and pay off your home sooner.
- You expect to stay in your home long enough to recover the closing costs.
- You may have built enough equity to reach a lower loan-to-value ratio.
- Your mortgage is held at another lender and you would rather work with a local credit union.
A mortgage refinance calculator can help you estimate whether a lower rate, different term, or lower payment may be enough to offset closing costs.
How do I calculate my break-even point?
Divide your estimated closing costs by your estimated monthly savings to find how many months it may take to break even. If you plan to move before reaching that point, refinancing may not offset the closing costs.
Break-even formula:
Estimated closing costs ÷ estimated monthly savings = months to break even.
Use GenFed’s mortgage calculators
GenFed offers two calculators to help you compare refinance and payoff scenarios:
Mortgage Refinance Calculator: Estimate how long it may take for projected monthly savings to offset mortgage refinance closing costs.
Mortgage Payoff Calculator: Estimate how additional mortgage payments may affect your payoff timeline and total interest.
Calculator results are estimates for educational purposes. Your actual rate, payment, closing costs, savings, and payoff timeline depend on your approved loan terms.
Should I lower my payment, shorten my term, or both?
A lower payment frees up monthly cash flow, while a shorter term usually reduces the total interest you pay; some refinances can do a little of both.
A shorter term may keep your payment similar or increase it, but it can reduce total interest if the new loan terms fit your situation. Compare your monthly payment, payoff timeline, and total interest before deciding which option fits your budget.
How much does a mortgage refinance cost?
The main cost of refinancing a mortgage is closing costs, which nationally often run between 2% and 6% of the loan amount depending on the lender and the loan. GenFed does not charge prepayment penalties. Closing costs generally fall into three categories.
What do refinance closing costs include?
| Cost category | What it may include | Notes |
|---|---|---|
| Third-party fees | Appraisal, credit report, settlement/closing, survey, tax service, title insurance, flood certification, and courier/mailing fees | GenFed collects these fees and passes them to the provider who performed the service. |
| Taxes and other unavoidable costs | State and local taxes, recording fees | These may apply regardless of which lender you choose. |
| Lender fees | Points, document preparation fees, loan processing fees | These are worth comparing closely from lender to lender. |
| This may not be an exhaustive list. Your actual closing costs will be provided for your specific loan. | ||
How do I compare refinance offers from different lenders?
| What to compare | Why it matters |
|---|---|
| Rate and APR | APR reflects more of the total loan cost than the interest rate alone. |
| Closing costs | These affect how long it takes to break even. |
| Loan term | A shorter or longer term changes both monthly payment and total interest. |
| Human support | Mortgage and refinance decisions can be easier when help is available for application-specific questions. |
| Payment and support details | Ask who you contact after closing, where payments are made, and how support works. |
How do I apply to refinance my mortgage with GenFed?
You can complete the mortgage refinance application online and upload requested documents.
- Review current rates. Compare GenFed’s current mortgage refinance rates.
- Decide your goal. Compare your rate, payment, term, payoff timeline, or cash-out needs.
- Apply online. Start your application when you are ready.
- Upload requested documents. The online application supports document uploads.
- Review your next steps. GenFed will explain the approved rate, term, payment, costs, disclosures, and closing requirements.
Questions before applying? Call or text 330.849.3013.
What documents may I need?
GenFed may request documents such as:
- Your current mortgage statement
- Your most recent pay stub
- W-2 forms from the last two years
- Personal tax returns from the last two years, if you are self-employed
- Retirement, pension, or Social Security income documentation, if applicable
- Child support or alimony documentation, if applicable
- Your homeowners insurance declaration page
Additional documents may be required based on your income, property, and loan request. You can upload requested documents through the online application.
Does GenFed charge PMI on mortgage refinance loans?
No. GenFed does not charge PMI on its real estate loans. If you refinance a mortgage that currently includes PMI into an approved GenFed real estate loan, the new GenFed loan will not include PMI.
Loan-to-value does not determine whether GenFed charges PMI, but it may still affect approval, rate, and available terms.
Will I need an appraisal to refinance?
Not every GenFed mortgage refinance requires a full appraisal. GenFed uses different property-valuation methods, and exceptions may be considered based on the request and property.
Can I apply before joining GenFed?
Yes. You can complete the mortgage refinance application and receive a decision before becoming a GenFed member. The loan cannot be funded until GenFed membership is established.
Review the Become a Member page to learn how membership works.
Frequently asked questions about mortgage refinancing
What is mortgage refinancing?
Mortgage refinance replaces your existing mortgage with a new loan. Homeowners often refinance to get a lower rate, change their monthly payment, switch loan types, or shorten their payoff timeline.
How soon after getting a mortgage can I refinance?
GenFed does not require a waiting period, so you may apply to refinance immediately after getting a mortgage or completing another refinance. Approval, loan-to-value, and other lending requirements still apply.
Can I refinance my mortgage with less-than-perfect credit?
GenFed reviews each application on its own merits: you're more than a score. Your credit, income, home value, loan amount, and overall application all affect your approved rate and terms.
Can I refinance if I owe more than my home is worth?
Owing more than your home is currently worth is called being underwater, or having negative equity. Refinance options may be more limited in that case, but it is still worth reviewing what may be available.
Will applying to refinance affect my credit?
Applying for a mortgage refinance involves a hard credit inquiry that appears on your credit report and may cause a small temporary score change. GenFed may also use soft inquiries for prescreened prequalification offers, but those offers are not full approvals.
How long does a mortgage refinance take?
Mortgage refinance often takes about 30 to 45 days, but timing can vary. Your application, documentation, appraisal needs, title work, and closing requirements can all affect the timeline.
Should I refinance through a credit union or a bank?
A credit union can be a strong option for borrowers who value published rates, cost details, and human support from a member-owned institution. Compare the full rate, APR, closing costs, payment details, and support process before deciding where to refinance.
Does GenFed offer cash-out mortgage refinance?
Yes. Cash-out refinancing is available with GenFed refinance options, subject to loan-to-value and other lending requirements.
Does GenFed offer FHA or VA mortgage refinance loans?
GenFed does not currently offer FHA or VA loans. GenFed may refinance an existing FHA or VA mortgage into a conventional GenFed loan, subject to approval and terms.
Who services my GenFed mortgage after closing?
GenFed currently services its mortgage refinance loans after closing, so GenFed remains the point of contact for payment and loan-support questions.
Ready to refinance?
Start your GenFed mortgage refinance application online.
Apply to Refinance
Questions before applying? Call or text 330.849.3013 or find a GenFed branch.
Last reviewed by GenFed Financial Credit Union in July 2026. Mortgage refinance rates and terms are subject to change. All loans are subject to approval and terms.