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Refinance

Consolidate debt. Lower your interest rate. Fund your home improvement project. 

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Meet your goals with a Refinance.

Is a Refinance right for you?

A typical (no-cash-out) refinance alters the rate and term of your mortgage, while a cash-out refinance also increases your loan amount to give you cash in your wallet or pay off debt. Some reasons to consider a mortgage refinance include:

  • Lower your monthly mortgage payment
  • Shorten your loan term and pay off your mortgage faster
  • Convert a variable-rate mortgage to a fixed-rate mortgage
  • Consolidate high interest debt
  • Cash-out for home improvements, college education, or large purchases
  • Funding for an investment property

Put your home to work for you with a Cash-Out Refinance

A cash-out refinance could help you consolidate expense and give you the financial refresh you need.

  • Home Improvements – Renovate your kitchen, replace windows; you name it
  • Consolidate debt and take control of pressing expenses – Credit card bills, medical payments, and more

Utilize delayed financing when you paid cash for a home purchase

If you paid cash for a home in the past six months and have no mortgage liens, you may be eligible to obtain a cash-out refinance to put money back in your pocket without waiting.

  • Qualified buyers could reclaim most of the purchase price
  • Free up cash for home improvements or future investments
  • Obtain a mortgage and enjoy the flexibility of making long-term payment to avoid tying up equity in the home

For cash-out refinance mortgage rates, please call 860.688.8511.

Meet Your Lending Team

At Windsor Federal Bank, we live, work, play, and serve in our local communities.

We understand it is more than a house – it’s your home. That’s why our mortgage lenders offer a highly personalized mortgage loan experience. Our dedicated experts have helped thousands of families and individuals realize their dreams of homeownership and real estate investment goals. 

Talk to a hometown lender today!

Cash-Out Refinance Mortgage Rates

Cash-Out Refinance – Fixed Rates

As of 11/21/2024

Terms and rates for Cash-Out, Fixed Rate Refinance Mortgage
ProductInterest RateAPR (Annual Percentage Rate)* Payment per $1,000**Example Payment**
Product30 Year Fixed Rate LoanInterest Rate6.625%APR (Annual Percentage Rate)* 6.759%Payment per $1,000**$6.40Example Payment**A loan amount of $250,000 will have 360 fixed principal and interest monthly payments of $1,600.78
Product15 Year Fixed Rate LoanInterest Rate6.000%APR (Annual Percentage Rate)* 6.208%Payment per $1,000**$8.44Example Payment**A loan amount of $250,000 will have 180 fixed principal and interest monthly payments of $2,109.64

**Payment examples do not include escrow of taxes and insurance; therefore, the actual monthly payment obligation may be greater.

 

The following applies to mortgage products listed above:

 

*APR is based on a set of assumptions, which include the following:

  1. Cash-out refinance
  2. A loan amount of $250,000
  3. A combined loan to value of 80%
  4. A 1-4 family Residential Dwelling
  5. A property intended to be utilized as a primary place of residence or second home
  6. Points and fees apply and very based on product

Please contact one of our mortgage experts about our:

  1. Jumbo rates for loan amounts greater than $766,550
  2. Other term options
  3. 1-4 Family Residential Investment Properties
  4. Other rate and point options

Actual rate may vary based on the property type, occupancy, term, and geography.

The interest rate of the product for which you apply will not increase after consummation.

 

Combined Loan to Value (CLTV) up to 97% are available for certain mortgage products, property types and loan amounts.

 

Hazard Insurance (flood insurance, if applicable) is required.

 

This is not a commitment to lend; all loans are subject to credit approval and other criteria.

Rates are subject to change without notice.

As of 11/21/2024

Terms and rates for Cash-Out Home Refinance – Adjustable Rate
ProductInterest RateAPR (Annual Percentage Rate)*TermPayment per $1,000**
Product10-Year/6-Month Adjustable RateInterest Rate6.000%APR (Annual Percentage Rate)*6.797%Term360 monthsPayment per $1,000**$6.00

**Payment Example (10-Year/6-Month Adjustable Rate): A loan amount of $250,000 with an interest rate of 6.000% and an APR of 6.797% will have a monthly payment of $1,498.88 for years 1-10. For years 11-30, interest rate and payments may change once every 6 months based on any decrease or increase in the Secured Overnight Financing Rate (SOFR) index as outlined in your agreement. Your monthly payment during years 11-30 can range from $1,160.29 to $2,159.48 due to this factor. Taxes and insurance are not included; therefore, the actual payment obligation will be greater.

The following applies to the mortgage products listed above:

*APR is based on a set of assumptions, which include the following:

  1. Cash-out refinance
  2. A loan amount of $250,000
  3. A combined loan to value of 80%
  4. A rate floor of 3.000%
  5. A margin of 3.000% and lifetime rate cap of 5.000% (This means the rate will not increase by more than 5.000% over the life of the loan)
  6. A 1-4 family Residential Dwelling
  7. A property intended to be utilized as a primary place of residence or second home
  8. Points and fees apply

Please contact one of our mortgage experts about our:

  1. Jumbo rates for loan amounts greater than $766,550
  2. Other term options
  3. 1-4 Family Residential Investment Property rates
  4. Other rate and point options

Actual rate may vary based on property type, occupancy, term, and geography. 

Rates advertised are a variable rate and may change every 6 months after the initial 10-year fixed period. The interest rate will be determined by adding the index to the margin. 

Loan to Value (LTV) up to 80% are available for certain mortgage products, property types, and loan amounts.

Hazard Insurance (flood insurance, if applicable) is required.

This is not a commitment to lend; all loans are subject to credit approval and other criteria.

Rates are subject to change without notice.

No-Cash-Out Refinance Mortgage Rates

No-Cash-Out Refinance – Fixed Rates

As of 11/21/2024

Terms and rates for No-Cash-Out, Fixed Rate Refinance Mortgage
ProductInterest RateAPR (Annual Percentage Rate)* Payment per $1,000**Example Payment**
Product30 Year Fixed Rate LoanInterest Rate6.500%APR (Annual Percentage Rate)* 6.632%Payment per $1,000**$6.32Example Payment**A loan amount of $250,000 will have 360 fixed principal and interest monthly payments of $1,580.17
Product15 Year Fixed Rate LoanInterest Rate5.875%APR (Annual Percentage Rate)* 6.081%Payment per $1,000**$8.37Example Payment**A loan amount of $250,000 will have 180 fixed principal and interest monthly payments of $2,092.80

 

**Payment examples do not include escrow of taxes and insurance; therefore, the actual monthly payment obligation may be greater.

 

The following applies to mortgage products listed above:

 

*APR is based on a set of assumptions, which include the following:

  1. A no cash-out refinance
  2. A loan amount of $250,000
  3. A combined loan to value of 80%
  4. A 1-4 family Residential Dwelling
  5. A property intended to be utilized as a primary place of residence or second home
  6. Point and fees apply and very based on product

Please contact one of our mortgage experts about our:

  1. Jumbo rates for loan amount of greater than $766,550
  2. Other term options
  3. 1-4 Family Residential Investment Properties
  4. Other rate and point options

Actual rate may vary based on the property type, occupancy, term, and geography.

 

The interest rate of the product for which you apply will not increase after consummation.

 

Combined Loan to Value (CLTV) up to 97% are available for certain mortgage products, property types and loan amounts.

 

Hazard Insurance (flood insurance, if applicable) is required.

 This is not a commitment to lend; all loans are subject to credit approval and other criteria.

 Rates are subject to change without notice.

As of 11/21/2024

Terms and rates for No-Cash-Out Home Refinance – Adjustable Rate
ProductInterest RateAPR (Annual Percentage Rate)*TermPayment per $1,000**
Product10-Year/6-Month Adjustable RateInterest Rate5.875%APR (Annual Percentage Rate)*6.674%Term360 monthsPayment per $1,000**$5.875

 **Payment Example (10-Year/6-Month Adjustable Rate): A loan amount of $250,000 with an interest rate of 5.875% and an APR of 6.674% will have a monthly payment of $1,478.84 for years 1-10. For years 11-30, interest rate and payments may change once every 6 months based on any decrease or increase in the Secured Overnight Financing Rate (SOFR) index as outlined in your agreement. Your monthly payment during years 11-30 can range from $1,156.40 to $2,134.53 due to this factor.  Taxes and insurance are not included; therefore, the actual payment obligation will be greater.

The following applies to the mortgage product listed above:

*APR is based on a set of assumptions, which include the following:

  1. A no-cash-out refinance
  2. A loan amount of $250,000
  3. A combined loan to value of 80%
  4. A rate floor of 3.000%
  5. A margin of 3.000% and lifetime rate cap of 5.000% (This means the rate will not increase by more than 5.000% over the life of the loan)
  6. A 1-4 family Residential Dwelling
  7. A property intended to be utilized as a primary place of residence or second home
  8. Points and fees apply

Please contact one of our mortgage experts about our:

  1. Jumbo rates for loan amounts greater than $766,550
  2. Other term options
  3. 1-4 Family Residential Investment Property rates
  4. Other rate and point options

Actual rate may vary based on property type, occupancy, term, and geography. 

Rates advertised are a variable rate and may change every 6 months after the initial 10-year fixed period. The interest rate will be determined by adding the index to the margin. 

Loan to Value (LTV) up to 95% are available for certain mortgage products, property types, and loan amounts.

Hazard Insurance (flood insurance, if applicable) is required.

This is not a commitment to lend; all loans are subject to credit approval and other criteria.

Rates are subject to change without notice.

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