With Wisconsin mortgage interest rates at historically low levels more and more people are taking advantage of this and refinancing. After you've decided to refinance and lock in that new low rate there are a few things to do and do not do while your loan is in processing.
1. Do not apply for any credit. On the day of closing we will repull a credit bureau. Any new recent inquiries we will need a letter of explanation for and if any new credit was established we will need a statement from the creditor and include that minimum payment in your debt to income ratio. This additional payment may make you ineligible for a refinance.
2. Continue to make your minimum monthly payments that are due on all accounts until your loan funds. Your loan will fund on the 4th business day after closing occurs.
3. If you have electronic funds transfer call your local bank to have that stopped. Depending on your bank this can take 10-14 business days.
4. Do not quit your job or give a 2 weeks notice. Our funding department will call your employer day of closing to verify you are employed.
If you have any questions please give me a call at (920) 788-9608 or I can be reached via email at rmeyer@gsf-mortgage.com.
Ron Meyer is a Wisconsin licensed Sr. Loan Originator NMLS #222688 with GSF Mortgage Corporation NMLS #1018 located at 300 Patriot Dr. Little Chute, WI 54140 We specialize in financing purchases and refinancing home loan mortgages for all of Wisconsin. As a local lender we pride ourselves on offering quality service before and after your closing. Our underwriting is all done in house, allowing us to have quicker than normal processing time of your loan.
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