Is Your Life on Hold?

July 6, 2020

“Thank you, can you please hold?”  

Don’t you just love that? You simply have a task to complete and you can’t get a human being on the line. “Press 5 to stay on hold longer.” We’ve all been there and the frustration is real.  

For me, and I imagine many of you, the last couple of months have been a lot like sitting on hold. Put your vacation on hold. Put your holidays on hold. Put those graduation plans on hold.  Seems like we all pressed five and are waiting for life to get back on the line.  

We keep saying things like, “After COVID I’m going to…” or “When this is over, I’m going to take a look at….” And those feelings are fine, and probably normal. But I’d encourage you to hang up the phone and stop putting your life on hold. Whether this is our long-term reality or not is not for me to say, but what I can tell you is that your financial future is something you can’t put on hold right now. It’s time to make the kind of decisions that make sense for you and your family, for our todays and for our tomorrows.  

And right now may be the best time to consider refinancing your home.  

If that’s something you’re willing to consider there are two paths you’ll want to consider:  

Rate and Term Refinance

Even if you’ve recently purchased your home, a rate and term refinance may be right for you. Getting into a lower mortgage rate or lower terms can help you get into a better financial position. This could be through a lower monthly payment or shortening the terms of your mortgage.  

Cash Out Refinance

We’re all spending quite a bit more time in our homes right now, and it may be the perfect time to make your home more livable through improvements. Whether it be a new office, a place to work out, or an addition to your home, you can actually borrow against your home’s equity to do this. A Bank Iowa MLO can help you determine amounts you can borrow in a cash out refinance.   Do you think you could benefit from a refinance? Below is a list of things to consider when looking at Bank Iowa’s refinance options:  

The Amortization Schedule of Your Current Loan

A Bank Iowa MLO can help you decide what is the best option for the goals you’re wanting to accomplish. Be prepared to take a look at your current loan’s amortization schedule to see if refinancing your loan makes sense.  

Costs of Refinancing

There are some costs associated with refinancing, such as closing costs, including an appraisal, if needed. Luckily, the state of Iowa has comparatively lower closing cost rates than other states which makes the difference in rate spread much smaller.  

How Long You Plan to Stay

If you’re planning to put your house on the market soon, it’s best to wait because of the costs associated with refinancing. When you’re ready to move, Bank Iowa is here for all of your mortgage lending needs.  

The Benefits of Community Banks

If you’re going through an online provider, you may be incorporating fees that are comparable to states other than Iowa that charge much more. It’s always best to get a second opinion, and Bank Iowa would be happy to review any quotes you’ve received from other providers.  


To refinance with Bank Iowa, you’ll need to provide proof of income. This may be through a recent paystub, W-2, two months bank statements or a 2-year tax return if you’re self-employed. Providing your homeowner’s insurance contact information will also be helpful in the process.  

If you’re ready to refinance, I’m ready to meet you wherever you’re comfortable. I’ve met people at the park, across picnic tables and of course, over the phone and through email. One thing I will promise you is that I will never leave you on hold! Contact me today to learn more about how I can help you with your home mortgage needs.  

Cindy Bednarczyk is a mortgage loan officer for Bank Iowa, Iowa’s second largest family-owned financial institution. Her NMLS number 680531, Bank Iowa’s NMLS number is 673681. Cindy can be reached at To learn more, visit Member FDIC.