Choosing a Refinancing Loan

The number of refinance options available to borrowers can be overwhelming. Contact us at 816-272-5550 and we will match you with the refinance loan program that is ideal for you. What do you hope to achieve with refinancing? Keeping in mind the following will help you begin your decision process.

Reducing Your Monthly Payments

Are achieving better payments and a better rate your main reasons for refinancing? If so, your best option could be a low fixed-rate loan. An ARM (Adjustable Rate Mortgage) or a fixed mortgage with a high rate are loans that you may want to refinance. Unlike the ARM, your low fixed-rate mortgage stays at a certain low rate for the life of the mortgage loan, even as interest rates rise. If you plan to stay in your home for at least five more years, a fixed-rate loan may be an especially good fit for you. On the other hand, if you can see yourself moving before too long, an adjustable rate mortgage with a low initial rate might be the ideal way to bring down your monthly payments.

Cashing Out

Are you refinancing mainly to "cash out" some home equity? Maybe you're going on a much needed vacation; you need to pay tuition for your college-bound child; or you plan to renovate your home. Then you want to get a loan higher than the balance remaining of your existing mortgage.So you'll want to need to find a loan program for a higher amount than the balance remaining on your existing mortgage. However, if your loan interest rate is high now and you have held it for quite a few years, you could be able to achieve your goals without an increase in your mortgage payment.

Consolidating Debt

Do you want to pull out some equity to consolidate other debt? Yes you can! If you have the equity in your home for it, taking care of other high interest debt (for example: credit cards, home equity loans, or car loans) means you may be able to save several hundred dollars a month.

Building up Equity Faster

Are you dreaming of paying your loan off more quickly, while beefing up your equity quicker? In that case, you'll want to look into refinancing to a short term mortgage - for example, a fifteen-year mortgage loan. You will be paying less interest and increasing your home equity faster, even though your payments will likely be higher than you were paying. But, you might be able to make the change without a higher monthly payment if your long term mortgage was closed a while ago, and the remaining balance is low enough. You could even pay less! To help you determine your options and the many benefits in refinancing, please call us at 816-272-5550. We are here for you.

Curious about refinancing? Call us at 816-272-5550.

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