Refinancing: Which Program is for You?

The number of refinance options available is truly breathtaking. We can guide you to locate the refinance loan program that will fit your financial situation the best. Call us at (816) 525-8000 & (81 to get started. What do you hope to achieve with your refinance loan? Considering in mind the information below will help you narrow your choices.

Making Your Payments Lower

Is your refinance primarily to lower your rate and monthly payments? In that case, applying for a low, fixed-rate loan might be a good option for you. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loan programs that you may want to refinance. Even when rates get higher later, unlike with your ARM, when you get a mortgage with a fixed rate, you lock in that low interest rate for the life of your loan. If you are not expecting to move in the near future (about 5 years), a fixed rate mortgage loan can especially be a wise choice. However, an ARM with a low intitial payment may be a smarter way to reduce your payments if you expect to move in the next few years.

Refinancing to Cash Out

Are you wanting to cash out some of your equity in your refinance? Perhaps you're dreaming of a cruise; you need to pay college tuition for your child; or you plan to renovate your home. Then you will need to find a loan above the balance remaining on your current mortgage loan.With this goal, you need However, if your interest rate is high now and you have held it for a long time, you could be able to reach your goals without making your mortgage payments rise.

Consolidating Your Debt

Do you hold other debt, perhaps with high interest, that you need to consolidate? If you own any higher interest debts (like credit cards or car loans), you might be able to take care of that debt with a lower rate loan through your refinance, if you have enough equity.

Paying it off Faster

Are you dreaming of paying your loan off sooner, while beefing up your home equity faster? If this is your hope, the refinance can switch you to a mortgage program with a shorter term, like a 15 year loan. Even though your monthly payments will likely be increased, you can be paying less interest; so your home equity will rise up faster. But, you might be able to switch without a bigger monthly payment if your longer term loan was closed a while back, and the remaining balance is low enough. You may even pay less! To help you understand your options and the multiple benefits of refinancing, please contact us at (816) 525-8000 & (81. We are here for you.

Want to know more about refinancing your home? Call us: (816) 525-8000 & (81.

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