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Mortgage Refinance

Get a mortgage payment that better suits your budget and cash out equity while you're at it.

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Change Your Term

You can shorten your term to build equity and get debt-free faster or extend it for lower payments.

Switch Your Loan

Change your mortgage type to save money, whether you have a fixed-rate loan or ARM.

Access Your Equity

If your home has gained value, you can likely tap into your equity to pay for improvements and more.

Reduce Your Rate

You may qualify for a lower rate if your finances have improved or market rates have dropped.

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Details About Mortgage Refinancing in Oklahoma

Refinancing your mortgage means you get a whole new mortgage to replace your old one. Here are a few pointers to help you decide if a mortgage refinance is right for you:

You might qualify for a lower rate, lowering your mortgage payment so you pay less total interest.
You can shorten or lengthen your loan to suit your current budget and goals.
You can likely switch from an Adjustable-Rate Mortgage (ARM) to fixed-rate or vice versa if market activity favors one type over another.
If you've built up equity, you might be able to do a cash-out refinance to pay for renovations, debt consolidation, and more.
You’ll need to pay closing costs, like for your original mortgage, so make sure the gains outweigh the expense.

Plus, you can enjoy local servicing and expert guidance when you choose WEOKIE as your new lender!

"The best decision I ever made was to move my accounts to WEOKIE. I saved so much money when I refinanced my car at WEOKIE that I also refinanced my home! I saved over $500 a month!"

Tamara S.

FAQs

Before you refinance your mortgage, it's a good idea to run the numbers and make sure the gains will be worth the closing costs and the time spent doing the paperwork.

Here are a few scenarios when a mortgage refinance might make sense for you:

If you can lower your interest rate because your finances have improved or market rates have dropped
If the value of your home has increased, you may be able to access equity to use for home improvements, debt consolidation, tuition, weddings, and more
If you want to switch from an adjustable-rate mortgage (ARM) loan to a fixed-rate mortgage
If you want to change from one adjustable-rate loan to another to lower your monthly payment
If you want to build equity faster and pay off your mortgage faster by shortening the term of your loan to 15 or 20 years
If you want to lower your monthly payment by extending your loan term from 15 or 20 years to 30 years.

Refinancing your mortgage will be easier than getting your original mortgage simply because you've been through the mortgage process before! You'll need many of the same documents this time, too.

First, choose your new loan type based on:

Your income
How much you still owe on your mortgage
How much cash you might have to put down or how much cash you want to take out
How long you're planning to stay in your home
Whether you want a higher or lower payment
What mortgage term best suits your needs

Next, apply online and get pre-qualified for your new mortgage with a likely new rate. If approved for pre-qualification, we move to the next steps:

We'll process your application, verify all your documents, and request proof of income.
We need to order an appraisal of your home and a title search to check for any liens, plus check your flood certification if needed.
When all this is done, we complete the underwriting process to finalize your loan approval.
Then we close on your new mortgage!

The documents you need may vary depending on the type of refinance you're doing but here's our handy checklist so you can prepare:

Your current residence address, or addresses, for the past two years
Social security numbers for all borrowers
Your employment history for the past two years – you'll need your employer(s) name, address, and phone number
Income information for all borrowers – you'll be asked to include salary, overtime, bonuses, commissions, interest/dividend, retirement income, and any other regular source of income
The year you purchased the property being refinanced, its original cost, current loan balance, and payment amount
Bank and brokerage account information, including the institution name and current balances
If you own any real estate (other than the property you're refinancing), we'll have some basic questions including: address, current market value, the amount you owe, the amount of rental income you receive (if any), and what your monthly payment is
Information about your current debts – we'll ask for the name of the creditor, the account number, the current balance owing and the amount of your monthly payment

Yes! Our goal is to help you keep your hard-earned money in your pocket. If you have a home loan somewhere else, we may be able to reduce your monthly payments.

Be aware that when you refinance your first mortgage, you get a new mortgage to replace the old one – and that means a new set of closing costs. For an estimate of the closing costs, please contact a WEOKIE Mortgage Loan Officer at 405-235-3030 or 1-800-678-5363 or fill out this contact form and a rep will contact you.

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Mortgage Refinance

See How You Can Benefit From a Mortgage Refinance.

Change Your Term

Switch Your Loan

Access Your Equity

Reduce Your Rate

Details About Mortgage Refinancing in Oklahoma

Our Simple Mortgage Refinance Process

Need help or advice?

Connect Online

Call Us Today

WEOKIE is proud to provide services through our trusted partners.

First Rate Title Company

MemberHaven Insurance Agency

FAQs

Disclosures

Mortgage Refinance

See How You Can Benefit From a Mortgage Refinance.

Change Your Term

Switch Your Loan

Access Your Equity

Reduce Your Rate

Our Simple Mortgage Refinance Process

Need help or advice?

Connect Online

Call Us Today

First Rate Title Company

MemberHaven Insurance Agency

FAQs

How do you know if a mortgage refinance is worth it?

What is the mortgage refinance process?

What documents are needed for a mortgage refinance?

Can I refinance my existing home loan that I have through another lender?

Disclosures