Refinance Kansas City, MO (816) 363-3105
The White House has made available its newest proposal to help overwhelmed homeowners refinance their mortgages to lower interest rates. If you are a homeowner or not, youve probably noticed a lot of discussion about mortgage refinance. Refinancing your mortgage can help you to achieve the following:
* You can lessen your monthly mortgage payments by taking advantage of lower interest rates.
* You can make the same payment and decrease the length of your mortgage to pay it off faster, saving on interest charges.
* You could also increase the length of your mortgage thereby spreading out the costs for more affordable monthly payments.
* You could change from an adjustable rate mortgage to a fixed-rate mortgage or vice versa.
* You could also refinance your home for a higher loan amount to get funds for expenses, renovations or college tuition.
When you first purchased your home, your interest rates were determined by the financial environment and factors like your credit rating and the size of your down payment.
Typically your financial situation has improved over time and interest rates may be lower, so you could likely benefit by trading up to a better mortgage with a refinance of your home.
It can be confusing and even intimidating to know exactly when to refinance, what are the best approaches to take, what benefits to expect, and whether or not the cost and time are ultimately worth the end result. If this is your first home, this process may cause you undue worry as you are still shell-shocked from the process of getting your first mortgage.
There may also be substantial costs involved and you will want to take these into account while you weigh whether a refinance can save you money.
Don’t worry, we are here to help you through the whole process!
Finance Closing Costs | Mortgage Lenders | Kansas City | First Trust Financial|First Time Home Owner