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