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 816-554-9696 and we will match you with the refinance program that best suits your needs. What do you hope to achieve with your refinance loan? Keeping in mind the following will help you in your decision making 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 a few years, an ARM mortgage with a lower initial rate could be the ideal way to reduce your monthly payments.
Getting Some Cash Out
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 college and needs tuition money; or you are taking your family on a cruise. In this case, you would be borrowing more than what you owe against your current mortgage. Often times it's possible to take cash out and your house payment will actually go down, and sometimes your payment could go up. Either way, we'll be able to work up numerous options that suit your needs regardless of your situation.
Consolidating Your Debt
Do you have other debt, perhaps with higher interest rates, that you'd like to consolidate? If you have a fair amount of home equity, paying off other debt with higher interest rates than your home loan interest rate (credit cards or home equity loans, for example) could help save you a ton of cash every month. Allowing you to build up a nice savings account and prevent future credit card use when things break down or when times are hard. Saving money monthly is like getting a pay raise without working any harder and also allows you to achieve other goals like being able to pay extra on remaining debts and accelerate the time it takes to become completely debt free, including your mortgage!! We can show you exactly how to become debt free in the fastest time possible without having to sacrifice your lifestyle, as we create a customized debt elimination plan for all of our clients. Our average clients are able to payoff all of their debt including their homes in just 8-12 years using little known strategies that the big banks and credit card companies don't want you to know. It's just another way we out perform our competition!-)
Building Up Equity More Efficiently
Are you dreaming of paying your home off as fast as possible, while building up your home equity more efficiently? We specialize in exactly that!! To help you understand your many options and the numerous benefits of refinancing, please call give us a call!! We are here for you!!
Curious about refinancing? Give us a call: 816-554-9696.