Home Mortgage Refinancing Lenders Missouri
In a difficult economic climate, it can be hard to make your mortgage payments. Between possible high interest rates and the unstable economy making your payments may be more difficult than you expected. Our home mortgage refinancing lenders can guide you and be a helpful ally in making this important decision.
What is Home Loan Refinancing?
Refinancing is when you replace your original mortgage with a new mortgage. This is commonly done to allow a borrower to get a better interest rate and term. The first loan is paid off and then the new loan is created.
For borrowers with a great credit history, refinancing is a great way to convert a variable loan rate to a fixed rate with a lower interest rate.
For borrowers with less than perfect credit, refinancing can be fraught with risks. Sometimes the hidden fees and penalties may be more costly than receiving a lower interest rate. It’s important to get all the facts about these costs and the lenders at Hometown are here to help you navigate these perils.
Reasons for Home Loan Refinancing
- Get Lower Rates: You may be paying an interest rate that’s higher than today’s bargain rates
- Save Long-Term: Cut your monthly payment and accelerate your home payoff more quickly
- Underwater Homeowners: HARP has been revamped and helps underwater homeowners refinance
- Unemployment: You might be eligible for relief through forbearance. The lender lets you suspend or make partial payments for up to twelve months while you find a job.
- Have Less Income: If your income has been reduced, refinancing for about 3/4’s of your payment can offer relief
- To Obtain Money: Refinancing mortgage loans can help you make larger purchases like a car, education or home renovations, or to help reduce credit card debt
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How Do I Get Started?
Hometown Equity Mortgage makes it easy. Apply online to see if you qualify by clicking on the banner below or call us and we’ll be happy to discuss your needs at: (855) 563-4836