10 steps to refinancing with a 15-year mortgage at OCCU

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Want to pay off your home faster? Refinancing with a 15-year mortgage can help you pay off your home sooner while saving thousands of dollars in interest over the life of your loan. 

Homeowners often overlook the 15-year mortgage because they assume they won’t be able to afford the monthly payment. While it’s true that monthly payments are higher than with a 30-year loan, they might be more affordable than you think — especially now that average mortgage interest rates have hit an all-time low. For a limited time, members can take advantage of our no lender fees on eligible 15-year mortgages, helping you save more from the start.*

If you’re thinking about refinancing your home, we’ll help you navigate the process and decide whether a 15-year mortgage is right for you. Below is a timeline showing what you can expect each step of the way.

STEP 1: Assess your financial needs

Take stock of your financial situation and investigate which lending options are right for you. Reach out to our team of Mortgage Loan Officers to see if we can help you with:

  •  Debt consolidation.
  • Cash-out options.
  • Determining which programs you qualify for. 

Pro tip: You don’t even need to leave the house — just give us a call.

STEP 2: Apply online

Fill out our online application to get the loan process started.

STEP 3: Finalize your application

A Mortgage Loan Officer will contact you and make sure we have everything we need to make a decision on your loan.

STEP 4: Get preapproved

Once we’ve reviewed your application, we’ll let you know what you’re preapproved for.

STEP 5: Sign the papers 

Your Mortgage Loan Officer will send loan documents through your secure online mortgage account. Sign and upload them.

STEP 6: Schedule an appraisal

Check with your Mortgage Loan Officer to find out if your loan requires a home appraisal. If so, now is the time to schedule one.

STEP 7: Provide documentation

We’ll need a few documents from you, including but not limited to:

  • Verification of income.
  • Assets.
  • Homeowners insurance policy.


STEP 8: Coordinate with underwriter

Once we have all the paperwork squared away, we’ll send it to the underwriter for review. The underwriter may have some questions for you. Respond with any additional information or documentation they request.

STEP 9: Set a closing date

Once the underwriter approves your loan, we’ll schedule your closing date. Your Mortgage Loan Officer will discuss the process for your first loan payment, along with some other details. We’ll send your loan documents to the title company and set an appointment with you to sign the paperwork.

STEP 10: Make it official

Visit the title company to sign your final loan documents. Congratulations! Now that your loan is signed it will take a few days for your loan to fund. With your refinance complete you can start making your dreams come true.
Think a 15-year mortgage might be right for you? Consider applying for one today. Connect with one of our OCCU Mortgage Loan Officers to get started.

*APR is based on credit profile. Actual APR may be higher. No lender fees on 15-year conventional mortgages with APR of 2.625% or higher. Credit score of 680 or higher required. Qualifying rate is current as of 3/8/2021 and subject to change at any time. Payment example: On a loan for $150,000 at 2.625% APR for 180 months, borrower would make 180 payments of $1,790. Promotion may end at any time without notice. Contact OCCU for details.