Learn About Refinancing Your Mortgage - Refinance Your Home Loan With Us

With record-low interest rates, you may be wondering if refinancing your mortgage is right for you. Below is a quick guide for homeowners interested in lowering their mortgage payments and refinancing their home loans. Refinancing is simply the replacement of your existing mortgage obligation with a new mortgage under different terms.


Can't wait to get started on refinancing your mortgage? Pre-qualify for a refinanced home loan now!


When Mortgage Refinancing Is Right for You

While refinancing your mortgage may seem like a great opportunity for you to lower your monthly mortgage payments and reduce your debt, make sure to you utilize one of our mortgage calculators and calculate if refinancing your mortgage will actually save you in the long run or if your existing terms are more favorable.

Refinancing your mortgage should be done to reduce your interest rate, shorten your term, or consolidate any revolving debt. Because mortgages are amortized over such a long period of time, the first 10 years of your loan payments are mostly made up of interest. This is why it is important to check whether refinancing could get you a lower rate.

Refinancing your mortgage may be right for you if:

  • Your goal is to get a lower interest rate and lower your monthly payment
  • You want to shorten the length of years on your mortgage
  • You need to get out of an adjustable-rate (ARM) or interest-only mortgage
  • You want to create additional cash flow each month with your savings

Refinancing your mortgage may NOT be right for you if:

    • You plan on moving within a year
    • You haven’t made timely payments on your mortgage within the last 12 months
    • You are upside-down on your mortgage and owe more than your property is worth, as this can make it difficult to be approved for a refinanced mortgage

    Mortgage Calculators for Refinancing

    Using a mortgage calculator will help you determine if refinancing your mortgage is right for you. In some cases, refinancing will save you money on your monthly payments AND the life of the loan.

    Use our Refinancing Mortgage Calculator now!

      How To Refinance your Mortgage

      When refinancing your mortgage, you can choose to take cash out, or refinance the remaining amount on the loan. Any time you're dealing with loans it's a good idea to have terms reviewed by the experts, so call us at 816-268-4025 or email us at The Copeland Mortgage Team in Lee's Summit, MO so we can give you a FREE Refinance Analysis to make sure it’s the right move for you.

      Review Your Information

      Before you start the refinancing process, review your current situation to determine if you would quality for a refinanced home loan. Consider your income, employment history, credit score and other loan qualifiers, as these will apply on refinancing loans as they do for first time home buyers.

      Gather Your Documents

      As you begin the refinance process, make sure to collect important documents that will be needed for home loan refinancing such as information about your current home loan, income statements, tax and property information, and homeowners insurance rates.


      Refinancing Fees

      With most home loans, any costs incurred for your refinance can simply be rolled into the new loan.  When you work with The Copeland Team, we will keep any refinancing costs to a minimum and will go over them in person so there are not any surprises at closing.

      Want to learn about mortgage rates for refinancing, or determine if refinancing your mortgage is right for you? Contact us today!