Oakland University Credit Union

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When refinancing internally, why is 5% in equity a requirement when the interest rate is being lowered?

When refinancing a secured loan for a lower interest rate, an additional 5% in equity is required to be available in the vehicle. This is similar to an internal refinance fee charged by other financial institutions, except we give you access to the 5% so that it is more beneficial to you. The 5% could be used to pay other higher rate items, make home improvements, establish savings, etc.

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Equal Housing Opportunity

Federally Insured by NCUA

Equal Housing Opportunity

Federally Insured by NCUA

Equal Housing Opportunity

Federally Insured by NCUA

NMLS: 405297

Oakland University Credit Union accounts are held at Michigan State University Federal Credit Union where savings are federally insured to at least $250,000 by the and backed by the full faith and credit of the United States Government. APR = Annual Percentage Rate. APY = Annual Percentage Yield. and read our disclaimer regarding links to other sites.

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