Which Refinancing Loan Program is Right for You?

When you are overwhelmed with so many options, it may seem like there are even more refinance programs than borrowers! Call us at (816) 525-8000 & (81 and we will help you qualify for the perfect refinance program for your financial needs. In order to review your options, you need to consider your goals for your refinance.

Making Your Payments Lower

Is your refinance primarily to lower your rate and monthly payments? If so, applying for a low, fixed-rate loan might be a wise option for you. Perhaps you currently hold a higher rate fixed rate mortgage, or maybe you have an ARM — adjustable rate mortgage — with which the interest rate varies. Even if rates get higher later, unlike with your ARM, when you qualify for a mortgage with a fixed rate, you set the low interest rate for the life of your mortgage. If you plan to stay in your home for at least five more years, a fixed-rate loan may be a particulary good fit for you. However, an ARM with a initial low payment could be a smarter way to lower your payments if you expect to move in the next few years.

Getting Out some Cash

Is "cashing out" your primary purpose for your refinance? It could be you're dreaming of a cruise; you have to pay college tuition for your child; or you plan to renovate your home. Then you will want to find a loan above the balance remaining on your current mortgage.In that case, you want to need to get a loan program for a bigger number than the remaining balance on your current mortgage. If you've had your current mortgage for a long time and/or have a high interest mortgage, you might\could be able to do this without increasing your mortgage payment.

Consolidating Your Debt

Maybe you'd like to cash out a portion of the equity in your home (cash out) to use toward other debt. If you hold some debt with higher interest (like 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 the equity built up to make it work.

Paying it off Faster

Do you want to build up equity more quickly, and pay off your mortgage faster? If this is your goal, the refinance mortgage can change you to a mortgage loan program with a short, such as a 15 year loan. You will be paying less interest and increasing your home equity more quickly, even though your mortgage payments will usually be bigger than they were. But, you could be able to make the change without much increase in your monthly payment if your long term mortgage loan was closed a while back, and the remaining balance is small. You could even make it lower! To help you figure out your options and the multiple benefits in refinancing, please contact us at (816) 525-8000 & (81. We would love to help you reach your goals!

Want to know more about refinancing? Call us: (816) 525-8000 & (81.

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