Choosing a Refinancing Program

Although it seems like it sometimes, there are not as many refinance options as there are applicants! We can help you select the loan program that will fit your financial situation the best. Call us at (816) 525-8000 & (81 to get things started. There are several things to have in mind while you consider the choices.

Reducing Your Monthly Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, getting a low, fixed-rate loan could be a good choice for you. Perhaps you are presently in a mortgage with a high, fixed interest rate, or a mortgage in which the rate of interest varies - an adjustable rate mortgage (ARM). Even when interest rates rise, a fixed-rate mortgage must remain at the same, low interest rate, unlike an ARM. This kind of loan can be especially a wise choice if you aren't planning a move within the next five years or so. But if you do expect to sell your home more quickly, you will want to consider an ARM with a low initial rate to get reduced payments.

Refinancing to Cash Out

Are you planning to cash out some of your equity with your refinance? Maybe you're planning a special vacation; you need to pay tuition for your college-bound child; or you are planning some home improvements. So you need to get a loan for more than the balance remaining of your existing mortgage loan.With this goal, you'll need You may not increase your monthly payemnt, though, if you have had your current mortgage for a number of years, and/or your interest rate is high.

Debt Consolidation

Maybe you want to cash out some 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 high interest debt (like car loans, credit cards, student loans, or home equity loans) means you may be able to save several hundred dollars monthly.

Getting a Shorter Term Loan

Are you hoping to fatten your home equity faster, and pay off your mortgage loan more quickly? If this is your wish, the refinance can change you to a mortgage program with a shorter term, like a 15 year loan. Although your monthly payments will usually be more, you can be paying less interest; so your home equity will build up faster. Conversely, if your current longer term mortgage loan has a low balance remaining, and was closed a number of years ago, you may even be able to make the move without paying more each month. To help you understand your options and the many benefits in refinancing, please call us at (816) 525-8000 & (81. We would love to help you reach your goals!

Want to know more about refinancing? Give us a call at (816) 525-8000 & (81.

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