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Ridgewood Savings Bank

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Ridgewood Mortgage Advantages



Should I Refinance?

Many homeowners choose to refinance their mortgages for a variety of reasons. Some want to lower their monthly mortgage payments by taking advantage of new, lower interest rates. Others are looking to consolidate debts or cash out. Whatever the reason, one thing is clear: Refinancing is a valuable tool for homeowners looking to change their financial situation. Before deciding to refinance, we recommend speaking to one of our mortgage consultants. They’ll guide you through the process and help you understand what your options are.

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How does Refinancing work?

First, you should talk to a mortgage consultant and decide on an option that’s right for you. Then, you’ll need to provide the appropriate documentation for a mortgage application. Once your application is submitted, you will get a loan estimate that outlines the terms of your refinanced mortgage. After your application is reviewed, you will receive an offer that specifies the details of your new loan. Before the refinanced loan is approved, you will need to have a home appraisal to validate your home’s property value. You will then close on your loan and begin making payments at your new monthly rate.

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What Paperwork Do I Need?

The paperwork that you’ll need to refinance is generally the same as the paperwork you needed for your mortgage. We’ve also put together a mortgage checklist that details what you will need during the purchase/refinance process.

Download mortgage checklist 

What are the Costs of Refinancing?

There are many factors to consider when deciding whether or not to refinance. One important determination for many homeowners is the cost associated with refinancing. Many people find that the benefits of lowering their monthly payment outweigh the costs associated with refinancing.

In the process of refinancing you may have to pay lending fees, appraisal fees, credit fees, insurance fees, and taxes. To get a better picture of the fees associated with refinancing your home, we suggest speaking to one of our local mortgage consultants.

What are the Refinancing Options and Rates?

Unlike some other banks, we offer the same rates for refinancing and purchasing. For a complete list of our mortgage rates and options, click the button below.

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Find a personal mortgage consultant

Our local mortgage consultants are available to help. They'll answer your questions, guide you into a loan program that fits your needs and help you fill out paperwork. Working with a consultant ensures that all the required documents and verifications are in place and that your mortgage application is filled out correctly.

For more information, contact us or call 866-RSB-4111.

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Mortgage Tools and Resources

Increase your homebuyer IQ with our helpful mortgage calculators and tools.

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