Which Refinancing Loan Program is Best for You?

The huge number of refinance options available to borrowers is truly breathtaking. We can help you choose the refinance program that will fit your financial situation the best. Contact us at (816) 525-8000 to begin the process. There are some general things to bear in mind as you review your options.

Lowering Your Payments

Are your refinance goals to lower your rate and consequently your mortgage payments? Then your best choice might be a low fixed-rate loan. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loan programs that you might want to refinance. Even if rates come up later, unlike with your ARM, when you get a fixed rate mortgage, you set the low interest rate for the term of your loan. If you plan to stay in your home for about five more years, a loan with a fixed rate may be a particulary good choice for you. But if you do expect to sell your home more quickly, you should consider an ARM with a low initial rate in order to achieve reduced payments.

Refinancing to Cash Out

Are you refinancing mainly to "cash out" some home equity? Your home needs improvements; your daughter has been accepted to University and needs tuition money; or you are taking your family on a cruise. In this case, you will need to find a loan above the balance remaining on your present mortgage.Then you will You'll need to find a loan for a higher amount than the current balance with your present mortgage in that case. You might not increase your monthly payemnt, though, if you've had your current mortgage for a number of years, and/or your interest rate is high.

Debt Consolidation

Do you hold other debt, perhaps with higher interest, that you need to consolidate? If you have any higher interest debts (such as credit cards or vehicle loans), you may be able to take care of that debt with a loan with a lower rate with your refinance, if you have the equity built up to make it work.

Building up Equity More Quickly

Are you wanting to fatten up your home equity faster, and pay off your mortgage sooner? Then, you need to find out about refinancing to a short term mortgage loan - like a fifteen-year mortgage loan. Even though your mortgage payment amount will likely be increased, you will be paying less interest; so your equity will build up faster. However, if you have held your current thirty-year mortgage loan for a long time and the remaining balance is relatively low, you could be able to do this without raising your monthly payment — it's even possible to save! To help you understand your options and the many benefits in refinancing, please call us at (816) 525-8000. We will help you reach your goals!

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

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