Choosing a Refinancing Loan
There are an enormous number of refinancing options available to borrowers. Call us at (816) 525-8000 & (81 and we will match you with the refinance loan program that is ideal for your needs. There are some general things to keep in mind as you consider the options.
Lowering Your Payments
Are getting better mortgage payments and a lower rate your main reasons for refinancing? If so, applying for a low, fixed-rate loan could be a good option for you. Maybe you now have a higher rate fixed rate mortgage, or perhaps you hold an ARM — adjustable rate mortgage — in which the interest rate varies. Even as interest rates rise, a fixed rate mortgage will stay at the same, low interest rate, unlike an ARM. A fixed-rate mortgage can be especially a good idea if you don't think you'll be selling your home within the next five years or so. But if you do expect to move more quickly, you should consider an ARM with a low initial rate in order to achieve lower monthly payments.
Is "cashing out" your primary reason for your refinance? Maybe you want to make home improvements, take care of your college kid's tuition, or take a cruise. So you'll need to get a loan for more than the remaining balance on your present mortgage.Then you need However, if your mortgage rate is currently high and you've had it for a long time, you may be able to accomplish your goals without a rise in your mortgage payment.
Do you want to pull out some home equity to consolidate additional debt? Good plan! If you have enough home equity, paying toward other debt with higher interest that your home loan (credit cards or home equity loans, for example) could be able to save you a chunk of cash every month.
Switching to a Shorter Term Loan
Are you dreaming of paying off your loan faster, while beefing up your equity quicker? If this is your plan, the refinance can move you to a loan program with a short, such as a 15 year loan. Even though your mortgage payment amount will usually be more, you can save on interest; so your home equity will build up faster. On the other hand, if your current longer term mortgage loan has a low balance remaining, and was closed a while ago, you could be able to make the change without paying more each month. To help you figure out your options and the many benefits of refinancing, please call us at (816) 525-8000 & (81. We can help you reach your goals!
Want to know more about refinancing? Give us a call: (816) 525-8000 & (81.
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