Choosing a Refinancing Loan

When you are overwhelmed with options, it may seem as if there are more refinance loan programs available than there are borrowers! Contact us at 913-341-1344 and we can help you qualify for the best loan program for your financial needs. What are your reasons for considering a refinance loan?  Keeping in mind the following will help you narrow your choices.

Making Your Payments Lower (*Total finance charges may be higher over the life of the loan) 

Are getting reduced monthly payments and a lower interest rate your main reasons for refinancing? In that case, a low, fixed-rate loan may be your best option. Perhaps you currently have a higher fixed-interest-rate mortgage, or maybe you have an ARM (adjustable rate mortgage) in which the interest rate varies. Even when interest rates rise, unlike with your ARM, when you qualify for a fixed-rate mortgage, you lock-in the low rate.  Your fixed mortgage interest rate will remain the same for the entire life of your loan.

Refinancing to Cash Out

Is getting some "cash-out" your main reason for your refinancing? It could be you're planning a special vacation; you have to pay tuition for your college-bound child; or you are updating your kitchen. In this case, you will need to get a loan above the balance remaining on your existing mortgage loan. In some cases, if you've owned your home for awhile or have a higher interest rate, we are often able to keep your monthly mortgage payments about the same. 

Debt Consolidation

Do you have other debt that you'd like to consolidate? If you have some debt with a higher interest rate, such as credit card debt or a vehicle loan, it may be possible to pay-off that debt utilizing your home's equity.  We are happy to explore this possibility with you and provide you with exact figures.

Paying it off Faster

Are you dreaming of paying-off your home sooner while beefing up your equity more quickly? If this is your wish, the refinance can move you to a loan program with a shorter term, like a 15-year loan. You will be paying less interest and increasing your home equity more quickly, although this may increase your monthly mortgage payment.  However, this is not always the case and, depending on your loan balance, your monthly payment may even be less!   To help you understand your options and the multiple benefits of refinancing, please contact us at 913-341-1344. We are here for you.