Choosing a Refinancing Program

There are not as many loan program choices as there are applicants, but at times it feels like it! Contact us at (816) 595-0664 and we'll work with you to qualify you for the right loan program to fit your needs. What are your goals for refinancing? Considering in mind the following will help you begin your decision process.

Making Your Payments Lower

Are getting better mortgage payments and an improved rate your main refinance goals? In that case, the best option may be a low fixed-rate loan. Maybe you currently have a higher rate fixed rate mortgage, or maybe you have an ARM — adjustable rate mortgage — where the rate of interest varies. Even if rates come up later, unlike with your ARM, when you qualify for a fixed rate mortgage, you set the low interest rate for the life of your mortgage. If you are not planning a move in the near future (about 5 years), a fixed rate mortgage loan can especially be a good option. However, an ARM with a low intitial payment may be a smarter way to lower your monthly payments if you expect to move in the near future.

Refinancing to Cash Out

Are you refinancing mainly to "cash out" some home equity? Perhaps you want to pay for home improvements, take care of your college kid's tuition, or take your family on a dream vacation. In this case, you'll need to qualify for a loan for more than the remaining balance on your current mortgage loan.With this goal, you need If you've had your existing mortgage for a number of years and/or have a high interest mortgage, you may be able to do this without making your mortgage payment higher.

Consolidating Debt

Do you have other debt, maybe with a high interest rate, that you want to consolidate? If you have the equity in your home to make it work, paying off other high interest debt (for example: car loans, credit cards, student loans, or home equity loans) means you may be able to save hundreds of dollars in your monthly budget.

Getting a Shorter Term Loan

Are you dreaming of paying off your loan faster, while beefing up your home equity more quickly? You should consider refinancing with a shorterterm loan, such as a 15-year mortgage loan. You will be paying less interest and growing your equity faster, although your monthly payments will usually be bigger than they were. But, you may be able to make the change without a bigger monthly mortgage payment if your long term loan was closed a while ago, and the balance remaining is small. You could even make it lower! To help you determine your options and the numerous benefits of refinancing, please call us at (816) 595-0664. We will help you reach your goals!

Curious about refinancing? Call us: (816) 595-0664.

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