Refinancing your Home | National Federal Bank

ACH Schedule for Thanksgiving Day

In observance of the Thanksgiving Day federal holiday, we will be closed Thursday, November 23. Business Online Banking ACH files must be received by Tuesday, November 21, in order to settle before the upcoming holiday. ACH files received on Wednesday, November 22, will not settle until Friday, November 24.

Refinancing your home replaces your current mortgage with a new mortgage. There are two refinance options, depending on what you hope to achieve.

Traditional Refinance

A traditional refinance may help decrease payments or change the term of the loan. Traditional refinances most commonly offer a lower interest rate, change the length of the loan in years, or cancel mortgage insurance premiums.

Cash-Out Refinance

A cash-out refinance lets you take advantage of the equity in your house by replacing your existing mortgage with a new mortgage for up to a certain percent of the value of your house, and receiving cash for the difference between what you owed and the new mortgage.

Home Equity Loan

A home equity loan is a fixed-term, second mortgage that allows you to borrow against the equity you’ve built in your home. Home equity loans can be used when you know the specific amount of funds needed for things like home improvements, debt consolidation, large purchases, or unexpected expenses.