Not on good terms with your mortgage?
Refinance with The Cooperative Bank of Cape Cod to make your mortgage work for you.
You’re comfortable with your home, so make sure you’re comfortable with your mortgage, too. At The Coop, we offer a range of refinancing options. From securing a lower rate to shortening your terms or converting from an Adjustable Rate Mortgage to a fixed, our loan officers will help you choose the right path.
When considering refinancing your mortgage, two main reasons stand out: lowering your rate and term and taking cash out. You could simultaneously achieve this in combination with the benefits of a rate and term refinance. Everyone is a little different, speak with one of our loan officers about your “why,” and we’ll help you find the best loan for your needs!
Rate and Term
Reduce your monthly payment with lower rate
Reduce the term of your mortgage
Move from Adjustable Rate Mortgage to a fixed
Remove or reduce your mortgage insurance
You may want to take equity out of your home for several reasons:
Consolidate your debt
Pay for education
What would my new payment look like?
When you refinance at a lower interest rate, you usually pay refinancing costs including points, fees, and closing costs. This calculator will tell you if the amount you can save in interest will exceed these refinancing costs. The calculated results depend on how long you plan to keep this property.
What documents will I need?
Everyone is a little different, you may need to provide all of this, and you may need to provide only some of it. Additional documents may be requested after you apply, but we will ask you for only items we absolutely need.
Rule of two: 2 months of bank statements, 2 most recent paystubs, 2 years of federal tax returns all pages and business returns, if applicable, 2 years of W2s and 1099s.
Recent statements: Mortgage, Home Equity Line of Credit, tax and insurance bills for any properties owned, as applicable.
What will it cost?
Closing costs vary based on your loan amount. A good rule of thumb is 1.5% of the loan amount you are seeking. If you escrow (include taxes and insurance in your monthly payment), you will need to provide additional funds to establish the escrow account. This will vary based on your property tax and insurance costs and due dates. You will typically need to pay the appraisal fee upfront, the cost can range from $450 to $800 or more depending on the complexity of your property.
How long does it take?
Refinancing typically takes around 45 days to close from the time you submit a formal loan application.
Who will I be working with?
Find a loan that works for you, not the other way around. Our team of experienced residential mortgage loan officers will work with you to find the right loan for your specific needs. With fixed- and adjustable-rate mortgages and a robust portfolio of unique mortgages, we’re sure to have a mortgage option that will help you achieve your goals!
- Residential Mortgage Loan Officer: This person will discuss your wants and needs, review your employment, income, credit, and asset profile, to help determine the best loan for you. This person also writes prequalification letters, so you can make offers on homes and establishes timelines and next steps.
- An appraiser will come to your house to determine the value. They will schedule with you directly.
- Loan Processor: Once your loan application has been submitted, the Loan Processor takes over to make sure you’re providing all the documentation required to get your loan approved.
- Loan Closer: Once your loan is ready to close, the Loan Closer takes over to make sure all the final documents are in order and coordinates with all parties to schedule your closing.
How do I get started?
- Visit any of our nine branches across Cape Cod to get the process started with an experienced loan officer.
- Meet our team online and connect digitally first to set up an appointment at your convenience.
- Start the process online today, and our team will reach out to you.