Do you live in Ohio? Do you wonder when a good time to refinance your mortgage is? If you are considering refinancing your mortgage then you should know that there are several reasons to refinance your mortgage: to get better terms and a better rate or to get cash from your home's equity.

Cash-out refinancing is when you get cash from your home's equity. It leaves you with additional cash above the amount needed to pay off your existing mortgage, closing costs, points and any mortgage liens. There is no specifications for the money. You can use it for anything you'd like. Let's look at an example - let's say you purchased your house for $120,000 several years ago and borrowed $90,000. Now your home has an appraised value of $180,000 and you owe $80,000. With a cash-out refinance, you could get a mortgage for $130,000. You would then pay off the $80,000 you owed leaving you with $50,000, minus the closing costs.

If you want to take advantage of lower interest rates you should know about rate-and-term refinancing. This type of loan pays off one loan with the proceeds from the new loan, while using the same property as collateral. You can build equity faster while taking advantage of lower interest rates. There are many strategies to rate-and-term refinancing. Strategies such as switching from an ARM to a fixed or vice versa. For example, if you have an ARM that is set to adjust upward in a few months, you can refinance into a fixed-rate mortgage. Or if you have a fixed-rate loan and you know you will move in two or three years, you could refinance into a lower-rate 3/1 hybrid ARM.

Union Savings Bank

Union Savings Bank is a state-chartered savings association headquartered in Cincinnati, Ohio. Founded in 1904 on the premise that a savings association should serve the community by encouraging savings and promoting affordable home ownership through prudent lending of deposits, Union now operates nineteen full service Savings Branches in Cincinnati, Dayton, Columbus, Ohio and Indianapolis, Indiana. In addition, we have twenty two offices in various locations in Ohio, Kentucky and Indiana that process Mortgage loan applications (see our Locations page for a full listing).

Each Union employee is trained to recognize that our commitment is to provide personalized financial service to each depositor and borrower. This gives us a distinct advantage over larger financial institutions. Traditional banking services include personal and commercial checking and savings accounts, certificates of deposit, money market accounts and a full range of mortgage loan products. Our experienced lending staff can assist you in financing your new home with the personal attention you deserve. We pride ourselves on providing personal, friendly service and developing banking relationships with our customers.

If you are a current customer, we'd like to take this opportunity to thank you for your valued business. If you are considering opening an account or arranging a loan, it's time we got to know you.

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