ez Refi

If you're looking to refinance a home you already own, rate and service matter. That’s why we offer the ez Refi.

12 Year Term, currently25 Year Term, currently
APR* FixedAPR* Fixed

Other rates and terms available.

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What to Consider when Refinancing your Mortgage:

  • To decide whether now’s the right time to refinance your mortgage, first think about the terms of your current loan and how much you still owe. If interest rates have gone, or are going down, you could save by refinancing your mortgage.
  • There also pros and cons to a mortgage refi that you should weigh while making your decision.

Advantages of refinancing a mortgage include:

  • Lowered interest rate (great for homeowners looking to save on monthly payments)
  • Easy conversion from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage (great for homeowners looking to lock in a low interest rate for the rest of the loan terms)

Possible disadvantages of refinancing a mortgage include:

  • Unfavorable loan terms and interest rates if there have been recent and negatively-impacting changes to your income or credit score
  • Unfavorable loan terms or interest rates and/or the inability to refinance if the home is given a low appraisal value (which can happen if the house is deemed to have little to no equity, or if the neighboring property values are low)
  • Additional cost of obtaining a home loan, also known as closing costs (which include home appraisal, application fee, title search, credit report fee, discount points and the loan origination fee). Note: Eastern CT Savings Bank alleviates this potential drawback by offering a $350 flat-fee closing cost with no additional fees for EZ Refi applications.
  • You should also consider the financial institution itself in your decision to refinance your mortgage. As with many businesses, banks have product and service specialties. You want to work with the best bank for refinancing a mortgage; an institution which not only has competitive interest rates but also offers strong customer service and timely decision-making for loan applicants.

At Eastern CT Savings Bank, we can help you to alleviate the cons and maximize the pros of refinancing your current mortgage—because, if it matters to you, it matters to us.

Still wondering if you should refinance your home loan? Our mortgage consultants would be happy to answer any questions and help you decide.

*Annual Percentage Rates (APR) effective 4/15/2019. Rates are subject to change at any time. Rates offered include an automatic payment from an Eastern Connecticut Savings Bank Checking Account. A non-refundable origination fee of $350 is required. Eligible properties include refinances of 1-4 family owner-occupied detached dwellings and condominiums in ECSB approved projects located in Connecticut and Rhode Island only. Not available for refinancing of existing EZ Refi loans. Minimum loan amount of $10,000 and a maximum loan amount of $1,000,000. Maximum loan to value cannot exceed 80% of the property value. Borrower is responsible for an appraisal fee for a loan greater than $250,000 and for title insurance fees if the loan amount is greater than $500,000. A 12 year loan with an APR of 3.80% is repayable in 144 monthly payments of $8.66 per $1,000. A 25 year loan with an APR of 4.50% is repayable in 300 monthly payments of $5.56 per $1,000. Payments do not include amounts for taxes and insurance, therefore payment obligation will be greater. **Eastern requires escrow for taxes and, if applicable, flood insurance. Borrower is responsible for homeowners insurance, pre-paid interest, and fees or costs assessed by their current lender to have their loan refinanced, and/or extraordinary expenses related to title or trust review issues. Credit approval required. Other rates & terms available.