Reasons to Refinance

There are lots of reasons to consider refinancing your mortgage. The most common reason is to lower the interest rate on your mortgage.

Lower Your Interest Rate.
Securing a lower rate on your mortgage can bring a lot of advantages. Most notably, it likely lowers your monthly out-of-pocket expenses so your cash flow goes up. This gives you extra money each month to pay down your mortgage, save or do whatever you want with. (Who doesn't like having extra cash every month?)

Build Equity Faster.
Switching from a 30-year mortgage into a shorter term mortgage, such as 10, 15 or 20-year mortgage can decrease the amount of time it takes to pay off your mortgage. The advantage is less overall interest paid on your mortgage. The flip side is your payment will most likely be higher.

Change Your Loan Program.
Your goals can change. When you first bought your home you may have started with an adjustable rate mortgage if you thought you would be moving soon or to take advantage of a lower rate. But rates adjust and your payment changes with them. Refinancing your mortgage to get into a fixed rate, or into a different loan program, is another reason to refinance.

Credit Score Change.
As you continue to make your house payments on time your credit score will get better and better. If you orginally bought your home and had some credit issues after a year or two it is a great idea to look into refinancing. You probably got a higher interest rate with some past credit issues. If your credit has improved you might be eligible for better loan programs and better interest rates.

There are lots of reasons to refinance your mortgage. Make sure you keep your mortgage working for you and your goals instead of working against you.

You can go to our website to find out more about Kansas City Refinance or use any of our multiple free mortgage calculators to help plan your mortgage future.


Kansas City Mortgage Group
www.kansascitymortgagegroup.com

More Refinance Myths

Myth: You Must Stay in Your Home 1 Year After You Refinance

False.

When you refinance the most important factor is how fast you start saving money. If it only takes a few months for you to save money, then refinancing might be a great idea. If it will take a couple of years, moving sooner might not be a good idea.

Knowing your goals when you refinance and making sure refinancing achieves your goals will help you make sure your decision to refinance is the right one.

You can find more about refinancing your mortgage on Kansas City Mortgage Group's refinance web page.

Kansas City Mortgage Group
www.kansascitymortgagegroup.com

Refinance Myths

Making the decision to Refinance your mortgage can be very difficult. Especially with so much conflicting refinance information out there. Here is one of many popular myths:

Myth: Refinancing Into a New 30-Year Mortgage is Starting Over.

False.

Refinancing into a new 30-Year Mortgage isn't starting over. With a lower rate, lower payment and more equity the extra time on the loan can be a positive. The lower mortgage payment can increase your monthly cash flow or it will allow you to put extra money to pay down your mortgage sooner depending on your goals.

For more myths on refinancing visit Free Reports at Kansas City Mortgage Group.


Kansas City Mortgage Group
www.kansascitymortgagegroup.com

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