DCCU Routing # 251483311
Faster, more secure access to your account
- Same account information
- Deposit checks or open certificates
- Apply for loans
- Use the same login information or use fingerprint or Face ID.
Faster, more secure access to your account
- Same account information
- Deposit checks or open certificates
- Apply for loans
- Use the same login information or use fingerprint or Face ID.
It’s good to check to see if your current mortgage still makes sense or if it’s time to refinance. Whether you are looking to lower your monthly payment, change your term, or cash out some of your home’s equity for home improvement projects or debt consolidation – a DCCU refinance can help you reach your goals faster.
Which Mortgage Refinance Option is Right for You?
Rate-and-Term Mortgage Refinance
With a rate-and-term refinance, you can replace your current mortgage with a new one that has more beneficial terms.
- Get a lower interest rate, go from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage or even get a shorter term for your loan
- Generally have more favorable interest rates and allow for higher loan-to-values (LTVs) than cash out refinances
- Can include the payoff of a second mortgage if the second mortgage was used to purchase the home. A rate-and-term refinance does not allow for additional cash out — the loan amount is limited to the payoff of the current mortgage (and second mortgage used to purchase the home, if applicable), plus closing costs.
Cash Out Mortgage Refinance
A cash out refinance also replaces your current mortgage with a new one, but it’s coupled with a higher loan amount that allows for cash to be pulled out from the equity in the home.
- Use the additional funds for home renovations, debt consolidation, college tuition, or other needs.
- Interest rates for cash-out refinances are generally higher and have more qualifying requirements than rate-and-term refinances. Cash out refinances also have lower loan-to-values (LTVs) than rate-and-term refinances.
- With a cash out refinance, you can keep one monthly mortgage payment instead of adding a home equity loan payment.
Consolidation Mortgage Refinance
A debt consolidation mortgage involves refinancing your mortgage in order to pay off other debts. You will exchange your current mortgage loan for a new one to free up more money to pay off other debt.
- Get cash to pay off high-interest debt, such as credit cards.
- Make one monthly payment instead of several.
- Consolidate your first and second mortgage by refinancing into one monthly payment.
Resources
Should I refinance my home?
Buying a home is an investment, but what about refinancing that home? Some poeple choose to refinance for a more favorable interest rate while others wish to tap into their home's equity. Here are four home refinance options to consider.
Read More
Mortgage Refinance Calculator
Refinancing may make sense for you. Use our refinance calculator to analyze your situation today!
Estimate Now
4 Reasons to Choose a Local Mortgage Lender
Buying a home is likely one of the largest purchases most people will make in their lifetime. Selecting the right mortgage lender involves more than just getting a good interest rate. You want to choose a lender that is accessible and has your best interest in mind.
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Contact Us
Local Calls: 540.946.3200
Out of Area Calls: 800.245.8085
P.O. Box 1365,
Waynesboro, VA 22980
Local Calls: 540.946.3200
Out of Area Calls: 800.245.8085
P.O. Box 1365, Waynesboro, VA 22980
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