Refinancing: Which Option is for You?
There are not as many refinance loan options as there are applicants, but it feels like it at times! Contact us at (816) 525-8000 & (81 and we can work with you to qualify you for the perfect refinance loan to fit your situation. In order to review your options, you can consider what you want to achieve with the refinance.
Making Your Payments Lower
Are your refinance goals to lower your rate and consequently your mortgage payments? Then a low, fixed rate loan may be the ideal loan program for you. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loans that you might want to refinance. Even when rates rise later, unlike with your ARM, when you get a fixed-rate mortgage, you set the low rate for the term of your loan. If you aren't planning a move in the near future (about 5 years), a fixed rate mortgage loan can particularly be a good loan option. However, an ARM with a initial low payment may be a better way to reduce your mortgage payments if you see yourself moving in the next few years.
Getting Out some Cash
Is "cashing out" your primary purpose for refinancing? Your house needs renovating; your son has been accepted to University and needs tuition money; or you have a special family vacation planned. Then you need to find a loan higher than the remaining balance on your existing mortgage.Then you will need However, if your loan interest rate is currently high and you have held it for quite a few years, you could be able to accomplish your goals without making your monthly payments rise.
Maybe you hope to pull out some home equity (cash out) to put toward other debt. If you have any debt with high interest (such as credit cards or car loans), you may be able to take care of that debt with a lower rate loan through your refinance, if you have enough equity.
Switching to a Shorter Term Loan
Do you hope to build up equity more quickly, and pay off your mortgage faster? If this is your wish, the refinance loan can change you to a loan program with a short, like a 15 year loan. The payments will likely be higher than with a longer term loan, but the pay-off is: that you will pay substantially less interest and can build up equity quicker. Conversely, if your current longer term mortgage loan has a small balance remaining, and was closed a while ago, you may even be able to make the move without paying more each month. To help you figure out your options and the numerous benefits in refinancing, please contact us at (816) 525-8000 & (81. We are here for you.
Curious about refinancing? Call us: (816) 525-8000 & (81.
Get a Refinance Quote
Looking to refinance your home? Fill out the following form to get a fast quote from us.