Colorado Home Loans And Mortgage Options | Refinance Your Home

Frequently Asked Questions

Why should I consider refinancing my mortgage with On Tap Credit Union?

Refinancing can help you lower your interest rate, reduce your monthly payments, shorten your loan term, or tap into home equity.

 

 

What types of refinance options does On Tap offer?

On Tap offers standard mortgage refinancing as well as a “Fast Track” refinance for those who want to pay off their home faster. We support refinancing for primary residences, second homes, condos, and eligible investment properties when criteria are met. 

 

 

What documents are needed to refinance my home loan?

You’ll need proof of income (paystubs or tax returns), recent mortgage statements, homeowners insurance declaration, property tax documentation if applicable, and likely a home appraisal or valuation.

 

 

Are there closing costs or fees when refinancing?

Yes, refinancing usually involves closing costs such as appraisal fees, title fees, and other transaction-related expenses. Make sure to compare these costs against the potential savings. Your home loan consultant will help you identify any potential costs associated with refinancing.

 

 

Is there a penalty for paying off my mortgage early or refinancing with On Tap?

No! On Tap’s mortgage loans do not have prepayment penalties, so you’re free to make extra payments, pay off early, or refinance whenever it makes sense.

 

 

When might refinancing not make sense?

Refinancing may not be advantageous if you’re near the end of your current loan (since you'd reset amortization), if closing costs are high relative to savings, or if you plan to move soon as long-term savings may not materialize. Low home equity may also reduce potential benefits. 

 

 

Can I do a cash‑out refinance to access home equity?

Yes. If your home has sufficient equity, On Tap can structure a refinance that lets you pull funds. These funds are often used for home improvements, debt consolidation, or other large expenses.

 

 

Do I need to be a member of On Tap Credit Union to refinance?

Yes, membership with On Tap is required to access mortgage refinance offerings. If you are not a member, we will help you complete your membership as part of the loan process.