Dependable Mortgage Refinancing in St. Louis, MO

Refinancing your home loan with The SCORE Mortgage Group, powered by New American Funding, can be extremely beneficial. You can save on your monthly payment, freeing up funds to use for savings or other expenses. It’s important to strike while interest rates are favorable. The SCORE Team is the best resource to determine if you’re making a good decision when refinancing your mortgage. Call our mortgage experts at (314) 607-5566 today.

Benefits of Refinancing Your Mortgage

1. Better Rate

The most common reason for refinancing is to get a better interest rate. If you’ve noticed rates have fallen in your area, it might be a good time to refinance your loan. Improved credit is also another way to get a better interest rate when refinancing. Call The SCORE Team at (314) 607-5566 today.

2. Lower Payments

A lower interest rate will mean lower monthly payments. The best situation is to lower your payments while maintaining the same pay-off date, but your loan can also be extended to lower your monthly payments. Call (314) 607-5566 to discuss your refinancing options.

3. Shorter Term

Most mortgages begin as 30-year loans but can be refinanced into a 15-year loan. This allows you to pay off the loan sooner while saving on interest throughout the term of the loan. You’ll also find that interest rates are lower for 15-year loans compared to 30-year loans. Call The SCORE Team at (314) 607-5566 to determine if refinancing is right for you.

Additional Benefits to Refinancing

  • Changing from an adjustable-rate mortgage to a fixed-rate mortgage will lock in your rate and make payment amounts more predictable and consistent
  • Cash-out refinance will allow you to borrow money against your home equity when you need funds for an emergency or to pay off other debts
  • Cancelling mortgage insurance once you’ve obtained 20% equity is a great way to remove an added cost to your loan
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