woori america bank

For the fast-track banking service, Woori America Bank sets a milestone. As a wholly-owned US subsidiary of Woori Bank, Korea, this one is successfully dealing with international trade finance and account opening service.

As a result, it was able to establish a network for banking services. Now, everyone can get different financial services from this bank. It is simultaneously doing its job and offering different but better financial products with the best and lowest rates.

No doubt, it is a good place to refinance your dream home. So, we are happy to talk more about it. Let’s see how this bank becomes a financial shelter for people.

What Is The Woori America Bank?

In New York, few banks have over $2 billion assets and $2 billion deposits. Woori America Bank is one of them. In 1984, this bank started its activity and is still doing the job perfectly.

Based on its total assets and deposits it is considered a large bank In NY. Besides its regular activity, this bank is best for refinancing primary, secondary, or investment homes. Many people love their scheme for the loan. It’s not only affordable but also other charges like rates are lower than the national average.

We can say that this bank is a specialized bank for some specific service. This superb bank got a 4.5 rating out of 5. This rating reflects how good this bank is for general banking.

Additionally, they have lots of things to offer, including flexible customer service, online and mobile apps, etc.

Homepage of Woori America Bank
Picture: Homepage of Woori America Bank

What Does Woori America Bank Offer?

Most of the community banks have similar financial products to offer. This bank also follows the same path. Some common products are given below.

  • Savings Accounts
  • Checking Accounts
  • Money Market Accounts
  • CDs
  • IRAs
  • Mortgage Product
  • Credit Cards

Read More: Crazy Inflation Rates In Countries Across The Globe

Rate of the Financial Product:

We can differentiate a bank not only by the product but also by the rate. Rate plays a vital role that helps a person to make decisions for getting the service. We mentioned the rate below.

ProductCurrent Terms and RatesMinimum Balance for APY
Savings Accounts2.36% APY$1
Certificates of Deposit12 Month: 2.45% APY24 Month: 2.55% APY36 Month: 2.65% APY48 Month: 2.75% APY60 Month: 2.80% APY$1,000 for all tiers
Money Market Accounts10K tier: 0.25% APY$2,000
Checking Accounts0.05% APY$1,500

If you want to manage your money, then you can understand how much return you’ll get and how much you’ll have to pay.

Financial products are a core banking solution
Picture: Financial products are a core banking solution

Service Quality of Woori America Bank

Quality service is the key to drag people’s attention and turn them into a client. Woori America Bank has a specific motto that drives them to keep their service quality higher.

To reach people, this bank opens 19 branches in 19 different locations in California, Maryland, New York, New Jersey, Virginia, and Pennsylvania. For the clients, this bank has mobile and web apps. So, all the clients can easily access their accounts and can manage their accounts as they want.

Mobile app makes banking easy
Picture: Mobile app makes banking easy

Through this web and mobile app, clients can send or receive money, check account status, download the statement, and many more. Even bill paying is also possible through these apps. It is also possible to reach support representatives through these apps. It’s amazing, isn’t it? That’s why it’s got a 4.7 rating out of 5.

The sad news is, it is not possible to get in-person customer service all the time. If you need, then contact them during customer service hours, which is Monday through Friday, 9:00 a.m. to 5:00 PM ET.

Purchase Your Dream Home:

To purchase your dream home, Woori America Bank is the best option. It’s not only specialized in this sector but also offers flexible service in many ways for this purpose. To know more about it, please check below.

Buying A Home or Refinancing:

BuyingRefinancing
You must consult for the right mortgageChoose which rate you prefer, fixed or variable?Specify the monthly paymentKnow about the program requirementReplace an existing loan that you took for the homeTry to keep the monthly payment lowerChoose the rate like fixed-rate or adjustable-rate.Consolidate existing debt obligations

Home Mortgage Loan Products:

For the home mortgage loan, there are two types of products available from this bank and these are explained below.

  1. Fixed-rate mortgage

Fixed-rate mortgages are beneficial for people to fulfill different types of needs. In this product, both monthly principal and interest remain the same. Even the amount of the interest payment is the same as well. It will continue until the loan is closed.

This product offers different benefits like it helps to manage the budget easily because the interest and the principal amount are the same. You can secure and fix the rate. So, no need to worry when the rate is going higher.

If you want to stay home for a long time, then this product is for you. Remember, if the loan life is longer that means your monthly payment will be lower. One more thing, try to keep the loan life shorter because it will keep the amount of interest low.

  1. Adjustable-rate mortgage

Under this product law, the monthly payment and interest rate will be the same for the initial period. After that, the amount will adjust annually. If the rate goes higher the payment amount will go high as well.

There are some benefits of taking this product. The ARM is always lower on this product than a Fixed-rate mortgage. On top of that, it’s flexible to refinance again.    

Refinance your dream home
Picture: Refinance your dream home

Conclusion:

Finally, we found that Woori America Bank is best for the home loan and mortgage. Besides, it’s good for general banking and different financial products but the loan section is doing its best to get your dream home.

This bank not only imposes low fees but also offers top-rated customer service. To manage the account, their app management system is top class. That’s why we didn’t doubt its overall service quality. But there is still a chance to minimize the interest at some point.

Overall, for personal, business, and home loans, this bank is the final financial shelter for many people.

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