Investigate Refinancing Your Home -- With Lowest Rates Ever

MAPLE GROVE, MN--(Marketwire - Aug 9, 2012) - Now may be the best time to refinance, with interest rates at historic lows. In fact, in the more than 50 years that the government-sponsored Federal Home Loan Mortgage Corporation (Freddie Mac) has been keeping track, interest rates have never been lower. And with rates 25% lower today than just a year ago, even homeowners who have already refinanced in recent years may find it to their advantage to consider refinancing again.

TopLine Federal Credit Union, a Twin Cities-based banking institution known for its commitment to financial education, which certainly includes making sure home loan borrowers are fully informed, encourages homeowners to consider refinancing to save some extra dollars by taking advantage of the low home loan rates.

"Homeowners whose interest rate is still more than 4.75 percent and don't consider refinancing today may be missing out on an opportunity to save thousands of dollars over the life of their home loans. Even those who have lowered their rates in the last few years may find current rates are low enough to warrant another refinance," says Harry Carter, President and CEO, TopLine Federal Credit Union. "TopLine members who have refinanced with us are saving an average of $200 a month on their payments, or have reduced their mortgages by about six years. And even if your home value has declined, refinancing may still be a viable option."

"Credit unions like TopLine are mainstream lenders, and provide the same products, like mortgages and many other loans, that large banks offer. But because we're member-owned, and local, we truly look out for our members' best interests. We take the time to get to know each case when we look at mortgages -- it's more than just reviewing a credit report and score," adds Carter. "We make sure our members are well-informed and fully prepared before making a big decision like refinancing, and we offer customized solutions based on individual needs."

Interested homeowners may contact TopLine's trusted Mortgage Advisors at 763-391-0877, email MyMortgage@TopLinecu.com, or visit www.TopLinecu.com to set up an individualized home refinancing appointment. "We see consumers who think they can't refinance due to a drop in the value of their home. Some are worried about closing costs -- or maybe they think it's too much work," adds Carter. "Those are misconceptions. TopLine makes it easy to refinance, plus there are special programs that allow refinancing even though the home's value may have declined, and in most cases the closing costs can be included in the refinanced loan amount. For those who are still paying high interest rates, they will potentially save thousands in this low rate environment. We want Minnesotans to make the most out of their hard-earned money."

Educating about refinancing is just one of TopLine's programs and services designed to help members maintain financial stability. The credit union was recognized last fall with the Louise Herring Philosophy-in-Action Member Service Award, presented by the Minnesota Credit Union Network and the Credit Union National Association (CUNA). The award honored TopLine for its practical application of the credit union philosophy through its Mortgage Relief Committee's successful efforts to keep members struggling with mortgages in their homes.

TopLine Federal Credit Union, a Twin Cities-based credit union, is Minnesota's 13^th largest, with assets of more than $320 million. Established in 1935, the not-for-profit cooperative offers a complete line of financial services from its five locations -- in Bloomington, Brooklyn Park, Maple Grove, Plymouth and in St. Paul's Como Park -- as well as by phone and online at www.TopLinecu.com. Membership is available to anyone who lives, works, worships, attends school or volunteers in Anoka, Carver, Dakota, Hennepin, Ramsey, Scott or Washington Counties and their immediate family members.