Choosing a Refinancing Program

Although it seems like it sometimes, there aren't as many refinance choices as there are borrowers! Call us at (816) 525-8000 and we can work with you to qualify you for the perfect refinance loan program for your needs. In the interest of looking at your options, you can consider your goals for the refinance.

Making Your Payments Lower

Are achieving reduced monthly payments and a lower rate your main reasons for refinancing? In that case, your best option could be a low fixed-rate loan. Maybe you now hold a higher rate fixed rate mortgage, or maybe you hold an ARM — adjustable rate mortgage — where the interest rate varies. Even as interest rates rise, a fixed-rate mortgage loan must remain at the same, low interest rate, unlike an ARM. If you expect to stay in your home for about five more years, a fixed rate mortgage may be a particulary good option for you. On the other hand, if you do see yourself moving before too long, an ARM with a low initial rate may be the best way to bring down your monthly payments.

Refinancing to Cash Out

Are you wanting to cash out some of your home equity in your refinance? Perhaps you're dreaming of a cruise; you need to pay tuition for your college-bound child; or you are planning some home improvements. With this in mind, you want to get a loan higher than the balance remaining on your present mortgage.Then you'll want If you've had your existing mortgage loan for quite a while and/or have a mortgage loan with high interest, you might\could be able to do this without increasing your mortgage payment.

Consolidating Your Debt

Maybe you'd like to cash out some home equity (cash out) to use toward other debt. If you have the home equity to make it work, paying off other high interest debt (for example: car loans, credit cards, student loans, or home equity loans) means you can save possibly several hundred dollars monthly.

Building up Equity More Quickly

Do you plan to build up equity quicker, and pay off your mortgage faster? Consider refinancing with a short-term loan, often a 15-year mortgage. You will be paying less interest and increasing your equity more quickly, even though your payments will likely be higher than you have been paying. But, you could be able to switch without much increase in your monthly mortgage payment if your longer term loan was closed a while ago, and the remaining balance is somewhat low. You may even make it lower! To help you determine your options and the many benefits of refinancing, please contact us at (816) 525-8000. We will help you reach your goals!

Curious about refinancing your home? Give us a call: (816) 525-8000.

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