FAQ Category: Mortgage Refinance
What is the break-even point on a mortgage refinance, and why does it matter?
The break-even point on a mortgage refinance is the point where your monthly savings have added up enough to cover the upfront cost of refinancing. In simple terms, it helps you figure out how long you may need to stay in the home for the refinance to start making financial sense. To estimate your break-even point, divide your total estimated ...
Continue ReadingWhere can I see current mortgage rates?
Call 616-301-1714 or request a Personalized Mortgage Quote. Rates vary by credit profile, loan-to-value, property type, and program, and can change at any time. Down payments are required.
Continue ReadingCan I switch my ARM to a fixed rate?
Yes. Many members refinance from an ARM to a fixed-rate loan for payment stability and long-term predictability.
Continue ReadingCan I remove PMI?
If your equity is at least 20% based on current value and loan balance, you may be able to eliminate PMI with a refinance.
Continue ReadingHow long does a refinance take?
Timelines vary with appraisal, documentation, and underwriting. We’ll give you a clear checklist up front to keep things moving.
Continue ReadingWhat is private mortgage insurance (PMI), and when is it required?
Private mortgage insurance, or PMI, is insurance that helps protect the lender if a borrower stops making payments on a conventional mortgage loan. PMI is typically required when your down payment is less than 20% of the home’s purchase price or original value. When PMI is usually required PMI is most commonly required on a conventional mortgage when you put ...
Continue ReadingWhat is a NMLS ID?
An NMLS ID is a unique identification number assigned to mortgage loan originators and mortgage lending institutions through the Nationwide Multistate Licensing System & Registry. It helps identify the person or company handling your mortgage and supports transparency in the mortgage process. Why it matters An NMLS ID allows consumers to verify the identity and licensing information of a mortgage ...
Continue ReadingWhat documents do I need to apply for a mortgage?
When you apply for a mortgage with People Driven Credit Union, you will generally need documents that help verify your identity, income, assets, employment, and insurance information. Having these items ready can help move your application along more smoothly. Documents you may need for a PDCU mortgage application Copy of your driver’s license or state-issued ID, to verify your identity ...
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