Which Refinancing Option is Best for You?
The number of refinance options available is truly breathtaking. Call us at (816) 525-8000 & (81 and we'll work with you to qualify you for the right refinance loan to fit your financial needs. In order to review your options, you'll need to consider what you want to achieve with your refinance.
Making Your Payments Lower
Are you refinancing primarily to lower your rate and monthly payments? Then a good choice might be a low fixed-rate loan. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loans that you might want to refinance. Different that the ARM, your low fixed rate mortgage stays at a certain low rate for the term of your loan, even as interest rates rise. A fixed-rate mortgage is especially a good choice if you don't think you'll be moving within the next five years or so. However, an ARM with a low intitial payment may be a better way to reduce your payments if you expect to move in the next few years.
Getting Out some Cash
Are you wanting to cash out some of your home equity in your refinance? Your home needs new carpet; your daughter has gone to University and needs tuition; or you have a special family vacation planned. Then you'll need to find a loan higher than the balance remaining on your present mortgage.With this goal, you'll want You might not increase your mortgage payemnt, though, if you've had your current mortgage for a number of years, and/or your loan interest rate is high.
Do you have other debt, maybe with high interest, that you need to consolidate? If you hold any higher interest debts (such as credit cards or car loans), you may be able to pay that debt off with a lower rate loan through your refinance, if you have enough home equity.
Building up Equity More Quickly
Are you wanting to fatten your equity faster, and pay your mortgage loan off sooner? You should consider refinancing with a shorterterm loan, such as a 15-year mortgage. Although your monthly payment amount will usually be more, you will be paying less interest; so your equity amount will build up faster. But, you may be able to switch without a higher monthly payment if your long term mortgage was closed a while ago, and the remaining balance is somewhat low. You could even pay less! To help you figure out your options and the multiple benefits of refinancing, please call us at (816) 525-8000 & (81. We are here to help you reach your goals!
Want to know more about refinancing? Give us a call: (816) 525-8000 & (81.
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