- Capitalize on lower interest rates
- Local, personalized service throughout process
- Reduce monthly payments
- Convert ARM to fixed rate
- Local decision-making
- Fast decisions and smooth process
- Bring limited costs to closing
All Pelican State Credit Union mortgages comply with federal and state regulations.
Lender fees—also referred to as origination fees—are charged to cover expenses incurred while generating and processing the loan.
Pelican charges an origination fee of just 1% of the principal amount on all home loans with a minimum of $500.
For more information, please email [email protected] or call 1-800-351-4877, ext. 4511.
Keep in mind there are closing costs associated with refinancing. These costs can be rolled into your mortgage. This greatly lessens how much you'll need to bring to closing, but this also means you are adding to the principal loan amount.
To determine if you will be better off refinancing for the long-term, determine how much you will save per month by refinancing. Calculate how many months it will take, based on these savings, to equal the closing costs. That is your break-even point. If you will be in the home at least that long, you come out on top.