fall 2016

           member

When you sign up for Interest Checking, you’ll earn a little extra                           REFINANCING
                                                                                             YOUR MORTGAGE
kick when you keep your personal checking balance above $1,000.*
                                                                                             Refinancing your mortgage could help you pay off
Plus, you get all the benefits of personal checking                                          your loan faster, reduce your monthly payments,
at Catholic Federal:                                                                         or both. In fact, according to the White House, the
                                                                                             average homeowner still paying a mortgage could
•	 Debit rewards – earn 1 point for every $5 you spend using your                            save up to $3,000 per year simply by refinancing at
     Debit Rewards Card. View rewards merchandise, travel and gift                           today’s low interest rates.
     card options at www.CURewards.com.
                                                                                             It may be the right time for you
•	 Free Online Bill Pay and Mobile Banking.                                                  to refinance. Here are some things
•	 Nearly 30,000 surcharge-free ATMs nationwide.                                             to consider:

Switch to Interest Checking today!                                                                    Am I upside-down? If you are

                                                         *No minimum balance required to                upside-down in your home – meaning you
                                                       open the account. $1,000 minimum                 owe more on your mortgage than your
                                                balance must be maintained to avoid the      home is worth, it may be difficult to refinance. You
                                                                                             could potentially use other forms of collateral, if
                                                         imposition of a $5.00 monthly fee.  you have it available. But that might mean the
                                                                                             interest on the loan is not tax deductible (consult
                                                                                             your tax advisor). In some cases, you might need to
                                                                                             wait until your home’s value is sufficient so there’s
                                                                                             enough equity for you to refinance.

                                                                                                      Will I have to pay PMI? Generally,

                                                                                                        you must pay PMI if your loan-to-value ratio
                                                                                                        is 80 percent or higher. However, it might
                                                                                             make sense to get your home appraised as part
                                                                                             of the application for a new loan or refinance. You
                                                                                             might not have to pay PMI any longer.

                                                                                                      How’s my credit? While it doesn’t

                                                                                                        have to be perfect, the best interest rates
                                                                                                        assume your credit is good. Come talk to
                                                                                             one of our mortgage experts and find out what your
                                                                                             rate will be based on your credit.

                                                                                                      Will I be staying in the home
                                                                                                      for a while? If you are paying fees or

                                                                                                        closing costs for a refinance, you’ll want
                                                                                             to have at least a couple of years in the home so
                                                                                             your lower payment or faster buildup of equity will
                                                                                             offset the cost of refinancing. Every refinance has
                                                                                             a “break-even point,” at which time you will have
                                                                                             recovered your costs of refinancing.

                                                                                             Call a Catholic Federal Mortgage Expert
                                                                                             at (800) 798-2328 ext. 159 for more
                                                                                             information.