Which Refinancing Program is Best for You?

There aren't as many refinance loan programs as there are borrowers, but it seems like it sometimes! Call us at 816-365-2568 and we will match you with the refinance program that fits you best. What do you hope to achieve with your refinance loan? Keeping in mind the following will help you begin your decision process.

Reducing Your Monthly Payments

Are you refinancing primarily to lower your rate and monthly payments? Then a low, fixed rate loan may be your best option. Maybe you are currently in a mortgage loan with a high, fixed interest rate, or a mortgage in which the rate of interest varies - an adjustable rate mortgage (ARM). Even if interest rates rise, a fixed-rate mortgage loan must remain at the same, low interest rate, unlike an ARM. This kind of loan can be particularly a wise choice if you aren't expecting a move within the next 5 years or so. However, if you can see yourself selling your home within several years, an ARM mortgage with a low initial rate could be the ideal way to reduce your monthly payments.

Getting Out some Cash

Is your refinance goal mainly to pull out some of your home equity for an infusion of cash? Your house needs renovating; your daughter has gone to University and needs tuition money; or you are taking your family on a cruise. In this case, you need to find a loan above the remaining balance of your present mortgage loan.With this goal, you'll You'll be looking for a loan for more than the balance remaining of your present mortgage in this case. You may not increase your monthly payemnt, however, if you have had your existing loan for a number of years, and/or your loan interest rate is high.

Consolidating Your Debt

Do you have other debt, perhaps with higher interest, that you'd like to consolidate? If you have a fair amount of home equity, paying off other debt with higher interest rates that your home loan (credit cards or home equity loans, for example) could help save you a lot of cash every month.

Building up Equity More Quickly

Are you dreaming of paying your loan off more quickly, while beefing up your home equity more quickly? Then, you need to look into refinancing to a short term mortgage loan - like a fifteen-year loan. Although your monthly payments will probably be increased, you will be paying less interest; so your equity amount will build up faster. But, you could be able to make the change without much increase in your monthly mortgage payment if your long term mortgage loan was closed a while ago, and the balance remaining is low. You may even make it lower! To help you understand your options and the numerous benefits of refinancing, please call us at 816-365-2568. We are here for you.

Curious about refinancing? Give us a call: 816-365-2568.

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