Which Refinancing Option is Right for You?
There are a huge number of refinancing options available to borrowers. We can help you locate the refinance loan program that can fit your situation the best. Contact us at (816) 525-8000 to begin the process. What are your reasons for your refinance loan? Considering in mind the following will help you narrow your choices.
Lowering Your Payments
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 wise option for you. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loans that you may want to refinance. Even when interest rates rise, a fixed rate mortgage loan will stay at the same, low interest rate, unlike an ARM. A fixed-rate mortgage is especially a wise idea if you don't think you will move within the next five years or so. However, if you do see yourself moving within several years, an adjustable rate mortgage with a low initial rate might be the ideal way to lower your monthly payments.
Refinancing to Cash Out
Are you wanting to cash out some of your home equity in your refinance? Your house needs updating; your son has gone to college and needs tuition; or you are taking your family on a cruise. Then you will want to get a loan higher than the balance remaining of your present mortgage loan.In that case, you want You might not increase your monthly payemnt, though, if you have had your existing mortgage for a long time, and/or your loan interest rate is high.
Do you have other debt, maybe with a high interest rate, that you want to consolidate? If you own some higher interest debts (like credit cards or car loans), you may be able to pay that debt off with a loan with a lower rate with your refinance, if you have the right amount of home equity.
Building up Equity More Quickly
Do you plan to build up equity more quickly, and have your mortgage paid off sooner? In that case, you'll need to look into refinancing to a short term mortgage loan - for example, a fifteen-year loan. Your monthly payments will probably be higher than they were with your longer term loan, but the pay-off is: that you will pay substantially less interest and can build up equity more quickly. But, you might be able to switch without much increase in your monthly mortgage payment if your long term loan was closed a while back, and the remaining balance is somewhat low. You may even pay less! To help you figure out your options and the numerous benefits of refinancing, please contact us at (816) 525-8000. We are here for you.
Curious about refinancing? Call us at (816) 525-8000.
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Looking to refinance your home? Fill out the following form to get a fast quote from us.