Just like for your original home loan, the new interest rate and annual percentage rate (APR) for your mortgage refinance will be determined by your credit score. The higher your score, the lower your mortgage rates.

The good news is, if you’ve been making timely payments on your mortgage for some time, your credit score has likely gone up – so you’ll qualify for better rates.

One of the most common reasons for a mortgage refinance is to get a lower APR than you had for your original mortgage, or to switch from an adjustable rate to a fixed rate.

Another reason is to change your monthly payment.

• If your finances have improved and you want to pay your mortgage off faster, you could reduce your loan term and make a higher monthly payment.
• If you chose a shorter term and are struggling to make your payments, you could switch to a longer term for a lower monthly payment.
• Getting lower interest rates will also reduce your monthly payment.

When applying for your mortgage refinance, you’ll need to provide an Argent loan officer with all the same kinds of documents and information as for your original home loan:

• Driver’s license or DMV-issued ID
• Social Security number
• Proof of your physical address (not your mailing address, if it’s different)
• Tax returns
• Pay stubs, W-2s, and any other proof of income
• Bank statements and evidence of any other assets
• Gift letters if someone is helping you with your down payment
• Information about your current home loan and lender

Note: We will access your credit history by requesting a credit report.

Yes, you do need to become a member – and we can help you join as part of your home loan application.Membership eligibility is open to individuals living, working, attending school, worshiping or volunteer in the following counties:

• Chesterfield
• Henrico
• Hanover
• The city of Richmond

Membership is also available to family members or housemates who meet the above criteria. To be eligible, members must also be at least 18 years of age and be a US citizen or resident alien.

When you join Argent, you’re joining a member-owned not-for-profit organization with a board of directors who are elected by their fellow credit union members.

We are not obligated to outside stockholders, so all of our profits go right back to our members in the form of no, or lower fees, lower interest rates, and higher dividends.

Additional benefits include free notary services, scholarships, as well as other great perks.