Choosing a Refinancing Loan

When you are overwhelmed with so many choices, it may seem as if there are even more refinance programs than applicants! Call us at (816) 525-8000 & (81 and we will match you with the refinance program that fits you best. In the interest of looking at your options, you can determine your goals for the refinance.

Reducing Your Monthly 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 choice for you. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loan programs that you may want to refinance. Unlike the ARM, your low fixed-rate mortgage will stay at a certain low rate for the term of the mortgage loan, even when interest rates rise. A fixed-rate mortgage can be especially a good idea if you aren't planning a move within the next 5 years or so. But if you do plan to sell your home more quickly, you should consider an ARM with a low initial rate to get lower payments.

Getting Out some Cash

Are you refinancing mainly to "cash out" some home equity? Your home needs improvements; your son has been accepted to University and needs tuition money; or you are taking your family on a cruise. With this in mind, you'll want to get a loan for more than the balance remaining of your current mortgage loan.With this goal, you'll You will be looking for a loan for a bigger amount than the current balance with your existing home loan in this case. However, if your interest rate is currently high and you have held it for a long time, you may be able to achieve your goals without a rise in your mortgage payment.

Consolidating Debt

Maybe you want to cash out a portion of the equity (cash out) to put toward other debt. If you have built up some equity, paying toward other debt with rates higher than your home loan (credit cards or home equity loans, for example) might be able to save you a lot of cash each month.

Building up Equity Faster

Are you dreaming of paying off your loan sooner, while beefing up your home equity faster? If this is your goal, your refinance mortgage can change you to a loan program with a shorter term, for example: a 15 year loan. The mortgage payments will probably be more than with your longer term mortgage, but the pay-off is: you will pay substantially less interest and can build up equity quicker. However, if you've held your current 30 year loan for a number of years and the remaining balance is somewhat low, you could be able to do this without increasing your monthly mortgage payment — it's even possible to save! To help you determine your options and the many benefits of refinancing, please call us at (816) 525-8000 & (81. We will help you reach your goals!

Curious about refinancing your home? Give us a call 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