Refinance – KCLoanGuy

It’s a great time to refinance!

A lower monthly mortgage payment can help free-up money so you can save, invest or use for other expenses. When rates are favorable, refinancing to a lower rate or longer-term mortgage can keep more money in your pocket every month. Our refinance calculator will help you to decide whether you should refinance your current mortgage at a lower interest rate.

Benefits of a Home Refinance

There are several reasons to refinance your mortgage. Some of the potential advantages include:

Lowering your monthly payment. Many homeowners can lower their monthly payment with a refinance. With a lower monthly payment, you are free to put the savings toward other debts and other expenditures, or apply that savings towards your monthly mortgage payment and pay off your loan sooner.
Remove private mortgage insurance (PMI). Some homeowners who have enough property appreciation or principal paid off will not be required to pay mortgage insurance which will reduce your total monthly payment.
Reducing the length of your loan. For homeowners who took out a mortgage in the early stages of their career, a 30-year mortgage may have made the most financial sense. But for those who want to pay off their mortgage sooner, reducing the loan term can be an attractive option.
Switching from an adjustable-rate mortgage to a fixed-rate loan. When you have an adjustable-rate mortgage, your payment can adjust up or down as interest rates change. Switching to a fixed-rate loan with reliable and stable monthly payments can give homeowners the security of knowing that their payment will never change.
Consolidating your first mortgage and your home equity line of credit (HELOC). By rolling these into a single monthly payment, you can simplify your finances and focus on one debt. HELOCs often have adjustable rates, so refinancing into a fixed-rate loan could potentially save you money in the long run.
Using the equity in your home to take out cash. With rising home values, you may have enough equity to take out a cash-out refinance. This money can be used to finance home improvements, pay off debts or to fund large purchases.

It’s a great time to refinance!

Benefits of a Home Refinance

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