Refinancing your mortgage can have big benefits

We know your financial picture can change over time, and the loan you received when you first bought your home may need to change to better align with your current plans and finances. Whether you want to reduce your loan term, lower your interest rate, or access equity from your home, refinancing can be a smart way to help you meet your goals.

When you refinance, you replace your current mortgage with a new loan. Your new mortgage will have a different rate (adjustable or fixed-rate options are available), monthly payment, and overall term (choose from 10,15, 20 or 30 years). There are several reasons you may want to refinance, but here are some of the most common:

  • Reduce your rate or monthly payment
  • Save on interest over time
  • Switch to a different loan term to meet short or long-term goals
  • Pay off your loan faster
  • Take cash out from your home's equity

If you're considering a refinance we can help – apply online to get started or connect with a Home Loan Consultant to discuss your options.

Refinancing Benefits

Competitive rates

Variety of fixed and adjustable-rate options

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Expert advice

Personalized advice and guidance at each step – find your Home Loan Consultant

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Flexible terms

Up to 30 years

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Cost savings

Opportunities to save with low rates and fees

Dedicated loan support

In-house loan servicing throughout the life of your loan

Equity Builder®

Take advantage of our special bi-weekly payment feature to pay off your loan faster1

Refinance Fixed Rates

Rates Effective 2/8/2023
Loan Program Amount Rate APR2
30-Year Fixed $50,000 to $726,200 6.250% 6.334%
20-Year Fixed $50,000 to $726,200 5.875% 5.981%
15-Year Fixed $50,000 to $726,200 5.500% 5.627%
10-Year Fixed $50,000 to $726,200 5.500% 5.680%
30-Year Fixed Jumbo $726,201 to $2,500,000 7.000% 7.076%
15-Year Fixed Jumbo $726,201 to $2,500,000 6.375% 6.488%

Refinance Adjustable Rates

Rates Effective 2/8/2023
Loan Program Amount Rate APR2
5/1 30-Year Adjustable3 $50,000 to $726,200 5.875% 6.559%
5/5 30-Year Adjustable4 $50,000 to $726,200 6.000% 5.850%
7/1 30-Year Adjustable3 $50,000 to $726,200 6.000% 6.505%
10/1 30-Year Adjustable3 $50,000 to $726,200 6.125% 6.462%
10/1 30-Year Adjustable3 $50,000 to $726,200 6.250% 6.206%
5/1 30-Year Adjustable Jumbo3 $726,201 to $2,500,000 5.375% 6.343%
5/5 30-Year Adjustable Jumbo4 $726,201 to $2,500,000 5.500% 5.635%
7/1 30-Year Adjustable Jumbo3 $726,201 to $2,500,000 5.500% 6.232%
10/1 30-Year Adjustable Jumbo3 $726,201 to $2,500,000 5.625% 6.117%
10/10 30-Year Adjustable Jumbo5 $726,201 to $2,500,000 5.750% 5.854%

Refinance Calculator

See if refinancing makes sense for you. Check out the calculator.

Frequently Asked Questions

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A Patelco Home Loan Consultant helps a member refinance their mortgage.
Get refinancing advice from our experts

If you're considering refinancing, we know there's a lot to think about. Everyone’s situation is unique and there are multiple factors at play – including your current mortgage and payment and where rates are today.

Let us help you explore your options. Our Home Loan Consultants are experienced professionals who will review your current loan and goals to determine what works best for your overall financial plan. They're located locally and have a unique understanding of the Bay Area, Sacramento region, and beyond.

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More ways to access your equity
We offer additional ways to tap into your home’s equity as an alternative to refinancing your existing mortgage. Our home equity loans and lines of credit allow you to tackle projects big and small by using the equity you’ve built up in your home to help you achieve your financial goals.

1 Equity Builder is a bi-weekly payment option for specific Patelco mortgage products. Bi-weekly payment option offers reduced number of years for early loan pay-off date and reduced interest paid depends on loan amount, interest rates, and every two weeks or weekly payment plan start time. Talk to a Patelco Home Loan Consultant for details.

2 APR = Annual Percentage Rate. APRs are based on the following:

  • Conforming: Loan amount of $726,200 + closing costs
  • Jumbo: Loan amount of $1,500,000 + closing costs
  • Mortgage rates shown are based on a 30-day lock for purchase transactions

Rate shown at 60% loan-to-value (LTV), owner-occupied purchase with excellent credit and no subordinate financing. Your rate may be different than what is shown, there are pricing adjustments on certain scenarios. Please use the rate calculator on our mortgage application site to receive a better estimate for your scenario. Rates, terms, conditions, and availability are subject to change or withdrawal at any time and without notice. Nothing herein is or should be interpreted as an offer or commitment to lend. Loans are subject to credit and property approval. Other conditions and restrictions may apply. Hazard insurance may be required. NMLS ID Number is 506373.

3 The index is the weekly average of the 1-year US Treasury securities adjusted to constant maturity of one year, as made available by the Federal Reserve. The caps are 2% annually and 6% lifetime based on the initial rate. The current index is 4.68%. Your rate may be different than what is shown.

4 The index (for 5/5 product) is the weekly average of the 5-year US Treasury securities adjusted to constant maturity of five years, as made available by the Federal Reserve. The caps are 2% every adjustment and 5% lifetime based on the initial rate. The current index is 3.63. Your rate may be different than what is shown.

5 The index (for 10/10 product) is the weekly average of the 10-year US Treasury securities adjusted to constant maturity of ten years, as made available by the Federal Reserve. The caps are 3% every adjustment and 6% lifetime based on the initial rate. The current index is 3.52. Your rate may be different than what is shown.