Which Refinancing Loan Program is Best for You?

The number of refinance options available to borrowers is truly breathtaking. Call us at (816) 525-8000 and we will match you with the refinance loan program that best fits you. There are some general questions to ask yourself while you look at your options.

Making Your Payments Lower

Are achieving better mortgage payments and an improved rate your main refinance goals? Then a good option could be a low fixed-rate loan. Perhaps you now have a higher rate fixed rate mortgage, or maybe you hold an ARM — adjustable rate mortgage — where the interest rate can vary. Unlike the ARM, your low fixed-rate mortgage stays at a certain low rate for the term of your mortgage loan, even if interest rates rise. This can be particularly a good idea if you aren't planning a move within the next five years or so. But if you do plan to sell your home more quickly, you will need to consider an ARM with a low initial rate in order to achieve reduced mortgage payments.

Getting Out some Cash

Are you wanting to cash out some of your equity in your refinance? Your house needs updating; your daughter has been accepted to University and needs tuition; or you are taking your family on a cruise. So you will need to find a loan for more than the balance remaining of your present mortgage.With this goal, you will want If you've had your current mortgage for a long time and/or have a high interest mortgage, you may be able to do this without making your monthly payment bigger.

Consolidating Debt

Perhaps you'd like to cash out some of the equity (cash out) to put toward other debt. If you have the home equity to make it work, paying off other high interest debt (like credit cards, home equity loans, or car loans) means you may be able to save several hundred dollars per month.

Paying it off Sooner

Do you plan to build up equity more quickly, and have your mortgage paid off more quickly? You should consider refinancing to a shorterterm loan, like a 15-year mortgage loan. You will be paying less interest and growing your home equity more quickly, although your mortgage payments will usually be more than you have been paying. However, if you've held your existing 30-year mortgage for a long time and the remaining balance is rather low, you might be able to do this without increasing your mortgage payment — it's even possible to save! To help you understand your options and the multiple benefits of refinancing, please call us at (816) 525-8000. We can help you reach your goals!

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

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