Log In  |  Contact Us  |  Help
Refinance Process

Many homeowners have taken advantage of the historically low mortgage interest rates by refinancing. Are you interested in lowering your interest rate or shortening your loan term with a refinance? Read below for more information on the refinancing process:

Step 1: Decide to refinance
A conversation with a mortgage advisor may help you decide if a refinance is right for you. Although refinancing almost certainly will come with fees of a few thousand dollars, this upfront cost should be made up in less than a year if the monthly payments are less than you’re currently paying. You’ll want to know how long you’ll be staying in your home and what your break-even point is before you decide to refinance.

Step 2: Choose your loan
Many different types of mortgages are available today to the Wisconsin homeowners, including conventional loans, FHA, and VA loans. Deciding which type of loan is best for you will depend greatly on your individual circumstances. A mortgage advisor will be able to help you find the loan that best meets your needs.

Step 3: Apply for the new mortgage loan
The mortgage application process has become relatively streamlined over the past few years. Certain documentation usually is required (pay stubs, bank statements, and so on), and the quicker you find and submit this information to your mortgage lender, the quicker your loan can get approved. 


Step 4: Underwriting your mortgage
During the underwriting process, your mortgage lender does its due diligence. They will review the required paperwork from you, have the house appraised to confirm its value, and evaluate your credit. These steps will lead to a decision by your lender as to whether you're eligible for the loan.

Step 5: Approval & Closing your mortgage loan
If you are approved for your new mortgage, you can expect to attend a closing. At the closing, the funds from the new mortgage are either used to pay off the old loan or given to you. The new mortgage now becomes the mortgage of record and the refinance is officially complete. 
As of this date, your old loan has been satisfied, or paid in full, and you will begin making payments on the new loan.

 

Contact Information
Mark Martinez
Sr. Mortgage Consultant NMLS #338882
Office: (714) 619-5607
Cell: (714) 299-1972
Fax: (888) 511-6275
Email: Send Email
Copyright © 2017 Waterstone Mortgage Corporation (NMLS #186434) is a wholly owned subsidiary of WaterStone Bank SSB (NASDAQ: WSBF)
Privacy Policy  | Security Statement  |  Site Map