Refinancing: Which Loan Program is for You?

The huge number of refinance options available to borrowers is truly breathtaking. Contact us at (816) 525-8000 & (81 and we will match you with the loan program that fits you best. What are your reasons for refinancing? Considering in mind the following will help you narrow your choices.

Reducing Your Monthly Payments

Are you refinancing primarily to lower your rate and monthly payments? In that case, the best option could be a low fixed-rate loan. Perhaps you are now in a loan with a high, fixed interest rate, or a mortgage loan in which the rate of interest varies : an adjustable rate mortgage (ARM). Different that the ARM, your low fixed-rate mortgage stays at a certain low rate for the term of your loan, even when interest rates rise. This can be especially a good idea if you aren't planning a move within the next five years or so. But if you do plan to move more quickly, you will want to consider an ARM with a low initial rate in order to achieve reduced mortgage payments.

Cashing Out

Are you hoping to cash out some of your home equity in your refinance? It could be you're planning a special vacation; you need to pay college tuition for your child; or you plan to renovate your home. Then you want to find a loan above the balance remaining of your existing mortgage loan.In that case, you want to qualify for a loan for a bigger number than the balance remaining on your present mortgage loan. If you've had your existing mortgage for quite a while and/or have a loan whose interest rate is high, you may be able to do this without increasing your monthly payment.

Consolidating Debt

Do you want to cash out some of your home equity to consolidate additional debt? Yes you can! If you have enough home equity, paying toward other debt with rates higher than your mortgage (credit cards or home equity loans, for example) might help save you a lot of money every month.

Switching to a Shorter Term Loan

Are you dreaming of paying off your loan sooner, while building up your equity faster? Consider refinancing with a shorterterm loan, like a 15-year mortgage loan. The payments will probably be more than they were with a long-term mortgage, but in exchange, that you will pay quite a bit less interest and will build up equity quicker. But, you may be able to switch without a bigger monthly mortgage payment if your longer term mortgage was closed a while back, and the balance remaining is somewhat low. You could even pay less! To help you understand your options and the multiple benefits in refinancing, please contact us at (816) 525-8000 & (81. We will help you reach your goals!

Curious about refinancing your home? Call us at (816) 525-8000 & (81.

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