Best Mortgage Refinance Companies in Green Bay

Frequently Asked Questions

• Introduction

  Refinancing a mortgage can be a complicated process, and hiring a mortgage refinancing broker can make it simpler and faster. There are several things you can do to protect your interests and help your broker complete the process for you.
  

  
  

  Check a potential broker’s online reviews to find one with a good reputation. In addition to the opinions of past clients, check to see if a broker has an online portfolio, which can support the reviews you find from past clients to show a broker’s trustworthiness. This can also help you establish if a broker has handled financing for properties similar to yours.
  

  
  

  Get a written summary of a broker’s rates before committing so you know exactly what hiring your chosen mortgage refinance broker will cost. Find out which lenders work with your broker and what information they need to successfully refinance your mortgage.
  

• Why should you consider refinancing your property in Green Bay?

  One common reason for refinancing is to get better interest rates or change the loan type to something more advantageous for the borrower in Green Bay. There are some people who refinance their mortgages to cash out the equity in their homes and use it for important life events. Others want to shorten their mortgage term, say from a 30-year term to a 15-year one, to reduce the total interest payments.

• What happens if you obtained loan assistance from the Wisconsin Help for Homeowners program in Green Bay and apply for refinancing afterward?

  If you were granted a loan from the Wisconsin Help for Homeowners, you must pay the loan in full when you refinance. Usually, a loan grant of over $10,000 must be paid in installments within a year with no interest. If you do not refinance within one year and continue to live in your residence in Green Bay, the loan will be considered fully forgiven.

• Can you use refinancing in Green Bay to cut out your ex-spouse's name from the mortgage?

  Yes, but only if your ex-spouse consents to hand over the house to you and you have enough finances. To be able to refinance, you need to have a strong credit score and adequate monthly income to pay the mortgage yourself. Qualifying guidelines depend on the lender and the loan program. These typically include a debt-to-income ratio below 45% and the new loan to not exceed 80% of the property's value in Green Bay.

• When is the best time to lock in a favorable interest rate in Green Bay for refinancing?

  Experts in Green Bay recommend locking in immediately the moment you see an interest rate that is nearly sufficient for your goals. This is because interest rates go up faster than they go down, and when they are on the bottom level, they only stay there for a day or two. If you wait long enough for the perfect rate, you may never be able to get the best rate that works for you.

• How can you learn more about housing programs in Green Bay?

  To learn more about housing programs, contact the Green Bay Housing Authority. Its office is located in Room 604 of the City Hall at 100 N Jefferson Street, Green Bay, WI 54301. If you want to apply to any program, learn more program details, or ask about housing revenue bonds, send an email to kava@greenbaywi.gov or call 920-492-3792. When you need information about the city's Home Improvement Loan Program, contact NeighborWorks Green Bay at 920-448-3075 or send an email to info@nwgreenbay.org.

• How do you refinance a mortgage?

  Decide why you’re refinancing, such as to get a lower interest rate, pay off your loan faster, or to get a lower monthly payment. Share your credit information with your broker along with information about the equity you have in your home. Review your mortgage refinance broker’s quotes and choose the best loan terms.