Refinancing: Which Option is for You?

Even though it may seem like it sometimes, there aren't as many loan programs as there are applicants! We can help you choose the refinance program that can fit your needs the best. Contact us at (816) 525-8000 to get things started. In the interest of looking at your options, you should list what you want to achieve with your refinance.

Lowering Your Payments

Are achieving better mortgage payments and a lower rate your main refinance goals? Then the best option might be a low fixed-rate loan. An ARM (Adjustable Rate Mortgage) or a high fixed rate mortgage are loans that you may want to refinance. Even if rates rise later, unlike with your ARM, when you get a fixed-rate mortgage, you set that low rate for the life of your loan. This can be particularly a good option if you don't think you'll be moving within the next five years or so. However, if you can see yourself moving before too long, an adjustable rate mortgage with a low initial rate might be the best way to bring down your monthly payment.

Cashing Out

Are you hoping to cash out some of your equity in your refinance? Maybe you're going on a much needed vacation; you need to pay college tuition for your child; or you are planning some home improvements. With this in mind, you'll need to get a loan higher than the balance remaining on your current mortgage.So you You will need to get a loan for a higher amount than the remaining balance of your present mortgage in this case. If you've had your existing mortgage for quite a while and/or have a high interest mortgage, you may be able to do this without making your monthly payment bigger.

Consolidating Your Debt

Maybe you'd like to cash out some equity (cash out) to put toward other debt. If you have built up some equity, paying toward other debt with higher interest that your mortgage loan (credit cards or home equity loans, for example) may help save you a lot of cash each month.

Paying it off Sooner

Are you dreaming of paying off your loan sooner, while beefing up your home equity faster? If this is your goal, the refinance mortgage can change you to a loan program with a short, such as a 15 year loan. Although your monthly payments will usually be increased, you will save on interest; so your equity amount will build up faster. Conversely, if your existing long-term mortgage loan has a low balance remaining, and was closed a number of years ago, you may even be able to make the switch without paying more each month. To help you determine your options and the numerous benefits in refinancing, please contact us at (816) 525-8000. We will help you reach your goals!

Curious about refinancing? Give us a call at (816) 525-8000 in Lees Summit MO or (636) 435-2300 in St. Louis, MO

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