Selecting a Refinancing Loan

Although it seems like it sometimes, there aren't as many loan options as there are applicants! We can guide you to find the loan program that will fit your needs the best. Contact us at (816) 525-8000 to get started. In order to review your choices, you should list your goals for your refinance.

Lowering Your Payments

Are getting reduced mortgage payments and an improved rate your main refinance goals? In that case, getting a low, fixed-rate loan might be a good option for you. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loan programs that you may want to refinance. Even when rates rise later, unlike with your ARM, when you qualify for a fixed-rate mortgage, you set the low rate for the term of your loan. If you plan to live in your home for at least five more years, a loan with a fixed rate may be a particulary good fit for you. But if you do plan to move more quickly, you will need to consider an ARM with a low initial rate in order to achieve reduced mortgage payments.

Cashing Out

Is your refinance goal mainly to pull out some of your equity for an infusion of cash? It could be you need to update your kitchen, take care of your college kid's tuition, or go on a dream vacation. In this case, you'll need to qualify for a loan above the balance remaining of your present mortgage.Then you need You might not increase your monthly payemnt, however, if you've had your existing mortgage for a while, and/or your interest rate is high.

Consolidating Your Debt

Do you want to cash out a portion of your equity to consolidate additional debt? Yes you can! If you own some debt with steep interest (such as credit cards or car loans), you may be able to pay that debt off with a lower rate loan with your refinance, if you have enough home equity.

Building up Equity Faster

Are you dreaming of paying off your loan faster, while building up your home equity faster? In that case, you need to look into refinancing to a short term mortgage loan - like a fifteen-year mortgage loan. Although your monthly payment amount will usually be increased, you will save on interest; so your home equity will rise up faster. However, if you've held your existing thirty year mortgage for a long time and the remaining balance is relatively low, you might be able to do this without increasing your monthly mortgage payment — you might even be able to save! To help you understand your options and the numerous benefits in refinancing, please call us at (816) 525-8000. We can help you reach your goals!

Curious about refinancing your home? 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.

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