What to Expect When Refinancing
If you're considering a refinance of your existing mortgage, Great Midwest Bank offers you a variety of product alternatives. Applying is easier than ever, thanks to our online application, which takes about 30 minutes. In addition, you can feel free to meet in person with one our experienced Loan Officers. Whatever the case, we'll work hard to manage your time wisely and meet your needs.
Though our Loan Officers are equipped to assist you in deciding if it makes financial sense to refinance, we also offer a Refinance Calculator to help you through the process.
A typical refinance transaction should close within 30 days of application. In addition, you can expect:
-
A need for a new appraisal under most circumstances (see our product chart for loan-to-value limits).
-
To deposit funds that will cover the cost of the appraisal once you've applied and are ready to proceed.
-
Potentially paying additional costs for taking "cash out" over and above your existing mortgage balance.
-
An option to "roll in" some of your closing costs, assuming sufficient equity in your home.
-
An escrow account for real estate taxes and, in certain circumstances, homeowner's insurance.
-
An option to waive the escrow requirement for a fee (subject to credit approval).
-
That your Loan Officer will manage the entire process - from your original contact through final closing.
