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Cents of Community: Is it Time to Refinance Your Home Loan?

This monthly column comes from the Arlington Community Federal Credit Union as part of their mission to financially empower the community. Credit unions are not-for-profit member-owned cooperatives and anyone who lives, works, worships, volunteers, goes to school, or does business in Arlington, Falls Church, Alexandria, or Fairfax County is eligible to join ACFCU.*

Your mortgage and home equity products are likely some of your biggest expenses.

With rates being low, many people are finding that it’s a good financial decision to refinance to meet their financial goals. If you’ve been thinking about refinancing, here are some reasons to contact your financial institution:

  • You’re ready to consolidate your home loans: If you obtained a first mortgage and an equity loan to purchase your home, you may be able to refinance the two loans into one and lower your overall monthly payments. Equity loan rates tend to be higher than first mortgage rates so you may save on total interest paid over the life of the loan.
  • Cash out refinance: Use the equity in your home to pay for major expenses like home improvement, college, vacations or to pay off higher interest rate credit card debt.
  • Lower rate and lower payments: Refinance to a lower interest rate to reduce monthly payments and the overall amount of interest paid over the life of the loan.
  • Shorten term: To build equity faster, reduce interest paid over the life of the loan. If you’ve owned your home for several years, it may be possible to shorten your term and keep about the same monthly payment.
  • Change your product: Many people refinance from an adjustable rate mortgage (ARM) to a fixed rate product.  ARM rates are typically lower and are popular for getting into a home for the lowest monthly payment. However, with an ARM loan, your interest rate and resulting monthly payment will fluctuate over the life of the loan. Many people choose to refinance to a fixed rate mortgage to not have to worry about the interest rate and payment amounts changing.

If you’re ready to explore refinancing, reach out to a financial institution. ACFCU’s real estate team is here to listen and advise you on your best options.

*Equal Housing Lender. Membership eligibility requirements apply. Federally insured by NCUA.

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“Probing the highly imaginative, inspired mind of Teresa Oaxaca is not altogether unlike having a present-day conversation with an Old Master,” says Nashville Arts Magazine.

Here is an unusual opportunity to learn from this incredibly talented and accessible artist, at Art House 7’s two-day oil painting workshop in October. Teresa will give 2 portrait painting demonstrations for 3 hours each morning. Students will then be painting from a clothed live model. Teresa will offer individual critiques that focus on materials, techniques, process and artistic vision. You’ll get jazzed up about painting and become more confident about your abilities.

Art House 7, Two-Day Oil Painting Workshop with Teresa Oaxaca. Saturday, October 22 and Sunday, October 23, 10 a.m.-4 p.m. EDT $250.

See more about Teresa Oaxaca here. Art House 7 5537 Langston Blvd., Arlington, Va. 22207

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Validating one’s emotions has the power to heal, transform, and empower. What Is Validation? Every human being has feelings. We all have emotions that change over time, sometimes quickly, sometimes slowly. The question isn’t whether we feel; it’s how we handle feelings once they arise.

Building strategies to understand emotions is essential to positive mental health, and validation is one effective skill to practice.

Emotional validation is the process of understanding, embracing, and actively listening to another person’s feelings (or your own).

Understanding someone’s emotions doesn’t necessarily mean you approve of how they are feeling or reacting to something. You can be supportive in acknowledging and validating an emotional experience without agreeing or diminishing it. Validation is a skill to learn and improve over time. It may take practice, but the effort is most certainly worth it. Emotional validation has the power to enhance interpersonal communication and foster strong relationships.

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Submit your own Community Post here.

ACFCU’s Homebuying Happy Hour

Are you ready to buy your first home, but concerned about saving for a down payment? Grab a drink and join us for 45 minutes to learn more about how you can buy your first house with 3%, 5%, or

Azure Dream Day Spa Grand Opening

Azure Dream Day Spa is hosting their Grand Opening Celebration at their beautiful new spa located at 901 N. Quincy St. on Friday, August 12 from 5-9 p.m.

All are invited to come tour the new spa and to take


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