Cash Out Refinance | Redstone Federal Credit Union

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with the equity you've built

Cash Out Refinance

There are so many reasons why refinancing may be right for you. Perhaps you’d like to tap into the equity you’ve built in your home. Maybe you’re interested in paying down other debts or funding a home improvement project. No matter what your goals are, we’re here to help you reach them.

When you refinance your mortgage in order to use the equity from your home, it’s called a Cash Out Refinance. The amount you can finance depends on how you intend to use it.

If you want to reduce your rate or term without using the equity in your home, take a look at our Limited Cash Out options.


VA Mortgages

VA Mortgages

Refinance up to


of appraised value. Some exceptions apply; ask for more details.

Fixed Rate Mortgages

Fixed Rate Mortgages

Refinance up to


of appraised value

Adjustable Rate Mortgages (ARM)

Adjustable Rate Mortgages (ARM)

Refinance up to


of appraised value


  • Conventional
  • First-time homebuyers
  • VA
  • USDA
  • Jumbo
  • Condominium 
  • Second Home
  • Investment Property
  • No Private Mortgage Insurance (PMI) 
  • Down Payment Assistance Programs


  • Lower Rate or Term
  • Cash Out
  • VA
  • Home Improvement
  • Home Equity


  • One-Time Close
  • Land Loan

Estimate your closing costs, explore rates and terms, and calculate monthly payments.
Get started with your personalized rate quote.

Featured Rates:

Why choose Redstone for your Home Loan? 

Competitive rates and closing costs

When you choose Redstone, you get great rates, flexible terms, and low closing costs.

Team of experts

Our Mortgage Team has years of experience and knows the real estate industry inside and out.

Local servicing

From monthly payments to escrow and insurance, Redstone services nearly every mortgage we make.

Home Equity Line of Credit

Borrow up to


Minimum loan amount $10,000.

Finance up to


of the appraised value of your home

APR as low as


Key Features

  • Variable rate, tied to Prime.
  • Borrow funds as needed. Advance through online banking or access with your HELOC Visa credit card.
  • Payments are due on the 15th of every month.
  • Minimum monthly payment is 1.5% of outstanding balance or $100.00, whichever is greater.
  • May be eligible for tax benefits on interest (check with your tax advisor).
  • No annual fee, no appraisal fee, no closing costs.

Ready to apply for a Home Equity Line of Credit? It’s easy!

EVERY Redstone Visa credit card includes all of these features


Quick and easy purchases 

Visa is accepted all over the world

Warranty Manager Service: additional product registration to extend the manufacturer's original warranty on products you buy


Zero-liability fraud protection

Monitor credit card activity with Credit Card Control

Real-time fraud monitoring and fraud text alerts

Identity theft assistance

Savings & Discounts

With Visa SavingsEdge®, you’ll receive discounts at select retailers when you use your Visa credit card.

Redstone Discounts!® when you use your card at many local businesses.

Additional Benefits    

Travel and Emergency Assistance

24-hour Roadside Dispatch service

Auto Rental Collision Damage Waiver insurance coverage for cars rented with your Visa card

Warranty Manager Service manage, use, and extend the warranties of eligible items purchased with your Visa card

Mortgages are only available for properties located in Alabama and Tennessee.

APR=Annual Percentage Rate

Must be an RFCU® member to obtain a loan. Must be eligible for membership and open a share savings account.  A minimum balance of $5.00 is required to open and be maintained in share savings account at all times.  Fees and other restrictions may apply.   All loans subject to credit approval.  Rates, terms, and conditions are subject to change without notice.  Other restrictions may apply.  RFCU is an Equal Opportunity Lender.  Rates are determined by an evaluation of applicant credit at account opening.  Your rate may be different. Fixed rates remain fixed for the life of the loan and adjustable rates are subject to change after consummation. Various Mortgage programs and terms are available. Must create separate user name and password to gain access to mortgage application process.

Rates current as of September 1, 2018.

Typical purchase transaction example for a 30 Year VA Loan:
The information provided assumes the purpose of the loan is to purchase a property, with a loan amount of $102,150 and a purchase price of $100,000 (assumes a 0% down payment). For a 30-Year Fixed Rate VA Loan, with a $2,150 financed VA Funding Fee, at 3.750% with zero discount points, the APR is 4.282%. The monthly payment schedule would be 359 payments at $473.07 and 1 final payment of $474.75. An escrow (impound) account is required and thus the actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums. RFCU is a VA approved lender and NOT affiliated with any government agencies, including VA. The VA and Redstone Federal Credit Union® are separate entities.

Typical purchase transaction example for a 3 Year ARM (30 year):
The information provided assumes the purpose of the loan is to purchase a property, with a loan amount of $90,000 and a purchase price of $120,000 (assumes a 25% down payment). At a 3.375% initial interest rate with zero discount points, the APR for this loan type is 3.370%, subject to increase. Based on current market conditions, the monthly payment schedule would be: 36 payments of $397.89 at an interest rate of 3.375%; 323 payments of $369.89 at an interest rate of 2.75%; 1 payment of $368.60 at an interest rate of 2.75%. ARM loans are variable rate loans; interest rates and payments may increase after consummation. An escrow (impound) account is required and thus the actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums. If the down payment is less than 20 percent, private mortgage insurance (PMI) will be required, which could increase the APR and/or monthly payment.

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Are you ready to join the credit union that puts you first? Become a member of the Redstone family and you’ll start enjoying the great rates, personalized financial advice, and excellent customer service Redstone is known for.

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