Best Mortgage Refinance Companies in Kansas City

Frequently Asked Questions

• Introduction

  Refinancing a mortgage can be a complicated process, and hiring a mortgage refinancing broker can make it simpler and faster. There are several things you can do to protect your interests and help your broker complete the process for you.
  

  
  

  Check a potential broker’s online reviews to find one with a good reputation. In addition to the opinions of past clients, check to see if a broker has an online portfolio, which can support the reviews you find from past clients to show a broker’s trustworthiness. This can also help you establish if a broker has handled financing for properties similar to yours.
  

  
  

  Get a written summary of a broker’s rates before committing so you know exactly what hiring your chosen mortgage refinance broker will cost. Find out which lenders work with your broker and what information they need to successfully refinance your mortgage.
  

• Can you switch between fixed-rate and adjustable-rate mortgages when refinancing in Kansas City?

  Homeowners in Kansas City have the option to switch their mortgage type from an adjustable rate to a fixed rate. Opting for a fixed rate can provide protection against potential future increases in interest rates. This choice offers the advantage of consistent monthly payments that remain unchanged over the entire duration of the loan, making it easier to manage your budget effectively.

• What is the "right of rescission" in mortgage refinancing for Kansas City residents?

  The "right of rescission" enables Kansas City residents to cancel specific mortgage agreements within three business days of signing the loan's promissory note, which outlines its terms. This safeguard applies to various home loan categories such as refinances from different lenders, home equity loans, HELOCs, bridge loans, and most reverse mortgages. It's crucial to understand that this right doesn't apply to property purchases and exclusively concerns loans tied to primary residences, excluding secondary homes, vacation properties, and investment real estate.

• Can you refinance your mortgage to consolidate debt in Kansas City?

  In Kansas City, a cash-out refinance allows you to establish fixed payments over a specific period, replacing the need for monthly revolving credit card payments. It is important to acknowledge that while cash-out refinancing provides the means to settle other debts, it does result in an increased mortgage balance equivalent to the sum of the additional debt you are seeking to eliminate.

• Can you refinance if you have bad credit in Kansas City?

  When you decide to refinance your mortgage in Kansas City you will likely go through a process similar to when you first obtained your home loan. In this process, your credit score will play a crucial role, which means if you have a poor credit score, it might create difficulties in meeting the requirements set by conventional lenders for refinancing.

• Can you refinance if you recently lost your job in Kansas City?

  In Kansas City, it is possible to consider mortgage refinancing even if you are without employment. However, since you won't be able to show proof of income, you should put down a bigger deposit, find a co-signer for the purchase, speak with a housing counselor, or apply for a no-income verification home loan.

• How do you refinance a mortgage?

  Decide why you’re refinancing, such as to get a lower interest rate, pay off your loan faster, or to get a lower monthly payment. Share your credit information with your broker along with information about the equity you have in your home. Review your mortgage refinance broker’s quotes and choose the best loan terms.