Union Plus
Consumer Tips

Four reasons to rethink your mortgage

Needs change from time to time and for different reasons. As a homeowner, you want to be sure your home financing continues to meet your evolving needs and goals.

Four reasons to rethink your mortgage

Now may be a good time to rethink your mortgage and consider whether refinancing is right for you.

Refinancing may allow you to:

  1. Lower your monthly mortgage payment
    You may be able to take advantage of the current rate environment and lower the interest rate on your mortgage. If you get a lower interest rate, your monthly payment may go down. You can also lower your monthly payment by refinancing to a longer-term loan. While both of these options will lower your monthly payment and free up some cash each month that can be used to meet other financial goals, you may pay more interest over the life of the loan.
  2. Access funds for other important uses
    With a cash-out refinance, you may be able to tap into your home’s equity to help fund home improvement projects, pay off high-interest loans or credit cards, or cover other large expenses. If you have enough equity in your home, this could be an alternative to other financing options with higher interest rates.
  3. Pay off your mortgage faster
    If you want to pay off your loan sooner, you can shorten your loan term. While it’s likely you’ll pay less interest over the life of your loan, your monthly payment may go up.
  4. Get a predictable rate and payment
    Switch from an adjustable-rate to a fixed-rate mortgage and enjoy payments and rates that don’t change over time.

Be sure to talk to your lender about your specific situation and goals. Also, consider these tips:

  1. Check your credit score before you apply
    Your credit history and credit score are key factors in determining your interest rate and the amount you may be able to borrow.
  2. Understand the costs of refinancing
    You’ll have to pay closing, origination, and other loan fees.
  3. Keep in mind that you’re starting over
    Refinancing replaces your existing loan with a new one. If your new loan has the same term as your original mortgage, you may end up paying more interest over the long run.

Your special benefit – a $300 My Mortgage GiftSM award
Verified members of eligible labor unions and their qualifying family members who refinance a home with Wells Fargo and mention their eligibility will receive a $300 My Mortgage Gift award after closing.1 (A $500 value when purchasing a new home.)

Personalized support
When you’re ready to take the next step, a Wells Fargo Home Mortgage consultant can answer your questions, discuss your situation, and explain the various mortgage options available. You’ll have the information and support you need to decide if refinancing is right for you.

Mortgage Program

Finance your home with confidence.

Request a consultation

1. Eligible individuals will be sent redemption instructions for the My Mortgage GiftSM award approximately two weeks after closing on a new purchase or refinance loan secured by an eligible first mortgage or deed of trust with Wells Fargo Home Mortgage (“New Loan”), subject to qualification, approval, and closing. The My Mortgage Gift award is not available with The Relocation Mortgage Program® or with any Wells Fargo employee mortgage offer. Only one My Mortgage Gift award is permitted per eligible New Loan. This award cannot be combined with any other award, discount or rebate, except as described in the Terms and Conditions. This award is void where prohibited, transferable, and subject to change or cancellation with no prior notice. Awards may constitute taxable income. Federal, state, and local taxes, and any use of the award not otherwise specified in the Terms and Conditions (available at wellsfargo.com/mymortgageterms and provided at receipt of award) are the sole responsibility of the My Mortgage Gift recipient.

If you are a service member on active duty, prior to seeking a refinance of your existing mortgage loan, please consult with your legal advisor regarding the relief you may be eligible for under the Servicemembers Civil Relief Act or applicable state law.

Wells Fargo Home Mortgage has a services agreement with Union Privilege in which Union Privilege receives a financial benefit for providing agreed-upon services. Wells Fargo Home Mortgage encourages you to shop around to ensure you receive the services and loan terms that fit your home financing needs.

Home equity financing does not qualify for the benefits of this program.

Information is accurate as of the date of distribution. Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A. © 2021 Wells Fargo Bank, N.A. All rights reserved. NMLSR ID 399801 AP5359780 07/12/21