Which Refinancing Program is Best for You?

The number of refinance options available can be overwhelming. Call us at (816) 525-8000 and we'll work with you to qualify you for the perfect loan program to fit your financial needs. surveying your choices, you should think about what you want to achieve with the refinance.

Making Your Payments Lower

Are getting lower payments and an improved rate your main reasons for refinancing? In that case, a low, fixed rate loan may be your best option. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loans that you may want to refinance. Even as interest rates rise, a fixed-rate mortgage must remain at the same, low interest rate, unlike an ARM. This kind of loan is especially a good choice if you aren't expecting a move within the next 5 years or so. On the other hand, if you can see yourself selling your home within the next few years, an ARM mortgage with a low initial rate could be the ideal way to bring down your monthly payments.

Refinancing to Cash Out

Are you wanting to cash out some of your equity with your refinance? Your home needs renovating; your son has gone to University and needs tuition money; or you are planning a special vacation. Then you'll want to get a loan higher than the remaining balance on your current mortgage loan.In this case, you You will be looking for a loan for a higher amount than the remaining balance of your current mortgage loan in this case. However, if your interest rate is currently high and you have held it for quite a few years, you may be able to reach your goals without an increase in your mortgage payment.

Consolidating Your Debt

Maybe you'd like to cash out some of the equity (cash out) to use toward other debt. If you have the home equity to make it work, taking care of other debt with higher interest than the rate on your mortgage (such as car loans, credit cards, student loans, or home equity loans) means you may be able to save hundreds of dollars each month.

Paying it off Faster

Are you dreaming of paying your loan off faster, while beefing up your equity quicker? Consider refinancing to a shorterterm loan, like a 15-year mortgage loan. The mortgage payments will likely be higher than with a long-term mortgage loan, but the pay-off is: that you will pay substantially less interest and can build up equity more quickly. On the other hand, if your existing longer term mortgage loan has a small balance remaining, and was closed a number of years ago, you might be able to make the change without paying more each month. To help you figure out your options and the many benefits in refinancing, please call us at (816) 525-8000. We would love to help you reach your goals!

Curious about refinancing? Give us a call: (816) 525-8000.

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