and

Get the facts and stay safe

MWBank Mortgage Refinancing

Prepare for that Refinance!

Credit reports, your personal credit score and coaching to help you improve that score before you apply for a home or auto loan. Whatever your credit needs - Let CreditGUARD Coach help you get back in the game!

Over time, a variety of factors can create the need to refinance your current mortgage. At MWBank, we strive to maintain an on-going relationship with our customers by offering flexible refinancing options.

Refinancing Options

Refinancing to a lower rate

When rates drop 1/2% to 5/8% lower than your current rate, you may want to consider refinancing your mortgage.

Refinancing to switch from an ARM to a fixed rate mortgage

Circumstances may change that make it more favorable for you to have a fixed rate mortgage. If you plan to stay in your home over a longer period of time or need the stability of a fixed monthly payment, you can refinance to a fixed rate.

Refinancing to combine two mortgages

Rather than carrying two mortgage payments, you may benefit by combining both into one lower rate mortgage. Talk with our mortgage experts to see if this option is right for you.

Cash-out refinance

This option allows you to access the equity in your home with one loan and one monthly payment. You can refinance your existing mortgage for a higher overall amount using some of the accumulated equity in your home. This money can be used to cover a larger one-time expense such as college tuition. You may want to compare this option to our home equity loan.

Construction to permanent financing

This option allows for an easy transition from the building of your home to the home mortgage.

To find out if you can benefit from refinancing, call our Mortgage Department at 414-442-5800.

MWBank Mortgage Refinance Process

We work to ensure your refinance process runs smoothly and quickly. In general, here is what you can expect when you apply for a mortgage at MWBank.

1. Application

Call our mortgage department at 414-442-5800 to schedule an appointment. If you stop into our offices to apply, the following documents will help speed up the process.

	Social Security Numbers (for all borrowers).
	Employment history for past two years, including dates and income.
	Payroll stubs for one month and W-2s for last two years.
	Checking and savings accounts.
	Tax returns for last two years.
	Credit information, including account number, payment amount, and current balance for all accounts.
	Proof of other income, such as land contracts or dividend income.
	Copy of current property tax bill.
	Copy of title insurance policy.
	Copy of homeowner's insurance policy.
	Loan information and address of current mortgage lender.

At the time of application, initial disclosures along with a Good Faith Estimate of closing costs will be provided.

2. Underwriting

At this time MWBank will:

	Review the application.
	Pull credit bureau reports.
	Based on findings of underwriting procedure, proceed to verification process.
	Approve the loan.

3. Verification

MWBank will verify the information you provided through income/employment checks, credit checks, and verification of assets. We will assess the property you intend to purchase.

4. Closing

To prepare for the closing the following steps are taken:

	MWBank contacts all parties involved to schedule a closing date.
	Your closing statement will be reviewed with you prior to closing and the exact amount needed at closing will be determined.
	You will need a Cashier's Check for the exact amount required, homeowner's insurance policy or binder, and a paid receipt.

[Home] [Online Banking Options] [About MWBank] [Personal Banking] [Mortgages] [Business Banking] [Trust Services] [Rates] [MWBank Links] [ Calculators ] [Homebuyers Guide] [Retirement Planner] [ Privacy Policy] [ Deposit Account Rules ] [ Funds Account Policy ] [ Contact Us ]

MWBank
6001 West Capitol Drive
Milwaukee, WI 53216-2196
PH# (414) 442-5800
FAX# (414) 449-8032