Which Refinancing Loan Program is Best for You?

The huge number of refinance options available to borrowers can be overwhelming. We can help you find the refinance loan program that will fit your needs the best. Contact us at (816) 525-8000 to begin the process. What do you hope to achieve with your refinance loan? Keeping in mind the following will help you begin your decision process.

Lowering Your Payments

Are you refinancing primarily to lower your rate and monthly payments? In that case, a low, fixed rate loan may be the ideal choice for you. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loan programs that you might want to refinance. Even if interest rates rise, a fixed rate mortgage loan will remain at the same, low interest rate, unlike an ARM. If you are expecting to stay in your home for about five more years, a fixed rate loan may be an especially good option for you. But if you do plan to move more quickly, you should consider an ARM with a low initial rate to get lower mortgage payments.

Refinancing to Cash Out

Are you hoping to cash out some of your home equity with your refinance? Perhaps you want to pay for home improvements, pay your child's college tuition bill, or go on a an Alaskan cruise. So you'll need to find a loan for more than the balance remaining on your existing mortgage.In that case, you want to qualify for a loan for a bigger number than the remaining balance on your existing mortgage loan. If you've had your current mortgage for quite a while and/or have a high interest mortgage, you may be able to do this without making your monthly payment higher.

Debt Consolidation

Do you hold other debt, perhaps with higher interest, that you'd like to consolidate? If you have any debt with higher interest (like credit cards or car loans), you may be able to pay that debt off with a loan with a lower rate through your refinance, if you have enough equity.

Building up Equity Faster

Are you planning to fatten your equity faster, and get your mortgage paid off more quickly? You should consider refinancing with a shorterterm loan, like a 15-year mortgage. You will be paying less interest and growing your home equity more quickly, even though your mortgage payments will usually be bigger than they were. On the other hand, if your current long-term loan has a low balance remaining, and was closed a while ago, you could be able to make the switch without paying more each month. To help you determine your options and the multiple benefits in refinancing, please call us at (816) 525-8000. We would love to help you reach your goals!

Curious about refinancing your home? Call us: (816) 525-8000.

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