Which Refinancing Program is Right for You?
Even though it may seem like it sometimes, there are not as many refinance loan programs as there are borrowers! Call us at (816) 525-8000 & (81 and we can help you qualify for the best refinance program for your financial needs. There are some general questions to ask yourself as you review your options.
Making Your Payments Lower
Are your refinance goals to lower your rate and consequently your mortgage payments? Then a low, fixed rate loan may be the ideal loan program for you. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loan programs that you may want to refinance. Unlike the ARM, your low fixed rate mortgage will stay at a certain low rate for the term of your loan, even as interest rates rise. If you are not planning on moving in the near future (about 5 years), a fixed rate mortgage loan can especially be a wise choice. But if you do plan to move more quickly, you should consider an ARM with a low initial rate to get reduced monthly payments.
Are you planning to cash out some of your equity in your refinance? Perhaps you're going on a much needed vacation; you have to pay tuition for your college-bound child; or you are planning some home improvements. So you need to find a loan higher than the balance remaining of your existing mortgage.In that case, you need If you've had your current mortgage for quite a while and/or have a mortgage with high interest, you may be able to do this without making your mortgage payment bigger.
Maybe you'd like to cash out a portion of the home equity (cash out) to put toward other debt. If you have the equity in your home to make it work, taking care of other debt with higher interest than the rate on your mortgage (such as home equity loans, student loans, or credit cards) means you can save possibly several hundred dollars monthly.
Building up Equity Faster
Do you need to build up equity quicker, and pay off your mortgage sooner? In that case, you'll want to look into refinancing to a short term mortgage - for example, a fifteen-year mortgage program. You will be paying less interest and growing your home equity more quickly, even though your payments will likely be bigger than they were. But, you may be able to switch without a bigger monthly payment if your longer term mortgage loan was closed a while ago, and the remaining balance is somewhat low. You may even make it lower! To help you figure out your options and the multiple benefits in refinancing, please contact us at (816) 525-8000 & (81. We are here to help you reach your goals!
Want to know more about refinancing? Give us a call: (816) 525-8000 & (81.
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