Refinancing: Which Program is for You?
There are an enormous number of refinancing programs available to borrowers. We can help you find the refinance loan program that will fit your situation the best. Call us at (816) 525-8000 & (81 to begin the process. What do you hope to achieve with your refinance loan? Considering in mind the information below will help you narrow your choices.
Lowering Your Payments
Are getting better payments and an improved rate your main reasons for refinancing? Then a low, fixed rate loan may be your best option. Maybe you currently hold a higher rate fixed rate mortgage, or perhaps you hold an ARM — adjustable rate mortgage — in which the interest rate can vary. Even when interest rates rise, a fixed rate mortgage will stay at the same, low interest rate, unlike an ARM. If you are not expecting to sell your home in the near future (about 5 years), a fixed rate mortgage loan can especially be a wise loan option. On the other hand, if you do see yourself selling your home in the near future, an adjustable rate mortgage with a small initial rate might be the best way to reduce your monthly payments.
Are you hoping to cash out some of your home equity in your refinance? Maybe you're planning a special vacation; you need to pay college tuition for your child; or you are planning some home improvements. So you'll need to get a loan higher than the remaining balance of your present mortgage loan.Then you need However, if your loan interest rate is high now and you've held it for a long time, you could be able to achieve your goals without making your monthly payments bigger.
Do you want to cash out some home equity to consolidate other debt? Great plan! If you have built up some equity, paying off other debt with rates higher than your home loan (credit cards or home equity loans, for example) might be able to save you a lot of money every month.
Paying it off Faster
Are you wanting to fatten up your home equity faster, and get your mortgage paid off more quickly? If this is your wish, your refinance mortgage can switch you to a mortgage loan program with a short, such as a 15 year loan. Even though your mortgage payment amount will usually be more, you will save on interest; so your home equity will rise up faster. However, if you have had your existing 30-year loan for a number of years and the loan balance is relatively low, you may be able to do this without raising your mortgage payment — you might even be able to save! To help you determine your options and the numerous benefits in refinancing, please contact us at (816) 525-8000 & (81. We are here for you.
Want to know more about refinancing? Give us a call: (816) 525-8000 & (81.
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