Refinance Options That Can Work For YOU!
People choose to refinance their home loans for a number of reasons. No, refinancing isn't for everyone, but it CAN really help those who are certain financial situations. If this is something you're considering or at least have a few questions about, the best thing you can do is to contact an experienced mortgage lender at the Lake of the Ozarks and get the answers you need to make the best decision for YOU. Our mortgage lenders in Osage Beach are happy to help. Call MHQ - Mortgage Headquarters at (573) 302-9990. In the meantime, keep reading this week's blog for a few refinance options that can work for you!
Get a shorter term on your home loan.
Do you plan to build up equity more quickly, and have your mortgage paid off more quickly? If this is your wish, the refinance loan can move you to a mortgage loan program with a shorter term, like a 15-year loan.
Make your monthly payments more affordable.
Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, your best choice might be a low fixed-rate loan. Maybe you now have a higher rate fixed rate mortgage, or perhaps you hold an ARM — adjustable rate mortgage — where the interest rate can vary. Even as interest rates rise, a fixed-rate mortgage must remain at the same, low-interest rate, unlike an ARM. If you expect to stay in your home for at least five more years, a loan with a fixed rate may be a particularly good choice for you. But if you do plan to sell your home more quickly, you will need to consider an ARM with a low initial rate in order to achieve lower payments.
Cash out on your home loan.
Is "cashing out" your main purpose for your refinance? It could be...
In this case, you want to get a loan higher than the balance remaining of your current mortgage. You'll want to get a loan for more than the remaining balance of your existing mortgage loan in this case.
Lump your debt together so that it's easier to pay off.
Maybe you hope to pull out some of the equity in your home (cash out) to put toward other debt. If you have any debt with high interest (such as credit cards or vehicle loans), you might be able to pay that debt off with a loan with a lower rate with your refinance, if you have the right amount of equity.
We understand that this is a lot of information to take in and we'd be happy to help you sort it all out. Our mortgage loan company at the Lake of the Ozarks is open and ready to help understand all your refinance options and more. Give us a call at the phone number listed below. You can also follow us on our social media channels listed below to stay up to date on our latest announcements.
Mortgage Headquarters of Missouri, Inc
4824 Osage Beach Parkway, Suite 1
Osage Beach, MO 65065
Office: (573) 302-9990
Toll Free: (888)799-1206
Fax: (636)648-9917
NMLS # 1229111
www.MHQMortgage.com
Get a shorter term on your home loan.
Do you plan to build up equity more quickly, and have your mortgage paid off more quickly? If this is your wish, the refinance loan can move you to a mortgage loan program with a shorter term, like a 15-year loan.
- You will be paying less interest and increasing your equity more quickly, although your payments will generally be bigger than you have been paying.
- If your current long-term mortgage loan has a small balance remaining and was closed a while ago, you may even be able to make the move without paying more each month.
Make your monthly payments more affordable.
Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, your best choice might be a low fixed-rate loan. Maybe you now have a higher rate fixed rate mortgage, or perhaps you hold an ARM — adjustable rate mortgage — where the interest rate can vary. Even as interest rates rise, a fixed-rate mortgage must remain at the same, low-interest rate, unlike an ARM. If you expect to stay in your home for at least five more years, a loan with a fixed rate may be a particularly good choice for you. But if you do plan to sell your home more quickly, you will need to consider an ARM with a low initial rate in order to achieve lower payments.
Cash out on your home loan.
Is "cashing out" your main purpose for your refinance? It could be...
- You're planning a special vacation
- You need to pay tuition for your college-bound child
- You are updating your kitchen
In this case, you want to get a loan higher than the balance remaining of your current mortgage. You'll want to get a loan for more than the remaining balance of your existing mortgage loan in this case.
Lump your debt together so that it's easier to pay off.
Maybe you hope to pull out some of the equity in your home (cash out) to put toward other debt. If you have any debt with high interest (such as credit cards or vehicle loans), you might be able to pay that debt off with a loan with a lower rate with your refinance, if you have the right amount of equity.
MHQ - Mortgage Headquarters is Here For You!
We understand that this is a lot of information to take in and we'd be happy to help you sort it all out. Our mortgage loan company at the Lake of the Ozarks is open and ready to help understand all your refinance options and more. Give us a call at the phone number listed below. You can also follow us on our social media channels listed below to stay up to date on our latest announcements.
Mortgage Headquarters of Missouri, Inc4824 Osage Beach Parkway, Suite 1
Osage Beach, MO 65065
Office: (573) 302-9990
Toll Free: (888)799-1206
Fax: (636)648-9917
NMLS # 1229111
www.MHQMortgage.com
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