Which Refinancing Option is Right for You?

There aren't as many refinance loan programs as there are applicants, but it feels like it sometimes! Call us at (816) 525-8000 & (81 and we can help you qualify for the right refinance loan program for your financial needs. In order to review your options, you can list your goals for your refinance.

Making Your Payments Lower

Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, getting a low, fixed-rate loan might be a good option for you. Perhaps you currently have a higher rate fixed rate mortgage, or perhaps you have an ARM — adjustable rate mortgage — where the interest rate can vary. Even if interest rates rise, a fixed rate mortgage loan will stay at the same, low interest rate, unlike an ARM. If you plan to live in your home for at least five more years, a fixed rate loan may be an especially good option for you. On the other hand, if you do see yourself moving in the near future, an ARM mortgage with a low initial rate might be the ideal way to lower your monthly payments.

Getting Out some Cash

Is your refinance goal mainly to pull out some of your home equity for an infusion of cash? Perhaps you want to make home improvements, take care of your college kid's tuition, or go on a an Alaskan cruise. Then you will want to get a loan higher than the remaining balance of your current mortgage loan.With this goal, you'll need You might not have an increase in your mortgage payemnt, though, if you've had your current mortgage loan for a number of years, and/or your interest rate is high.

Debt Consolidation

Maybe you'd like to cash out some of the equity (cash out) to use toward other debt. If you have the equity in your home for it, paying off other debt with higher interest than the rate on your mortgage (for example: home equity loans, student loans, or credit cards) means you can possible save several hundred dollars monthly.

Building up Equity Faster

Do you need to build up equity more quickly, and have your mortgage paid off faster? In that case, you want to find out about refinancing to a short term mortgage loan - such as a fifteen-year loan. You will be paying less interest and growing your home equity faster, although your monthly payments will generally be bigger than you have been paying. However, if you've held your existing 30 year loan for a long time and the remaining balance is somewhat low, you may be able to do this without increasing your monthly payment — it's even possible to save! To help you determine your options and the numerous benefits in refinancing, please contact us at (816) 525-8000 & (81. We are here for you.

Curious about refinancing your home? Call us at (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.

Contact Info
Property Information
Mortgage Information
Questions