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Refinance Mortgage Loan Information

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Refinancing Your Home

Many borrowers consider refinancing their home loan when interest rates move lower than their existing loan rate or when they are near the end of the fixed-rate period on an adjustable rate loan. With refinancing, you may be able to:

  • Lower your monthly payment
  • Cash-out on your home equity to reduce debt
  • Access additional cash for other purchases
  • Change from an adjustable-rate to a fixed-rate loan
When to Refinance

Most experts recommend that you refinance your home loan only when you can save more than 1% on your current interest rate. Additionally, you might want to refinance if:

  • You are ready to switch from an adjustable-rate home loan to a fixed-rate home loan.
  • You need lower monthly loan payments.
  • You would like to pay off your mortgage sooner than the term of the loan.
  • You would like to consolidate debt.
  • You are interested in taking advantage of your home equity for other expenses.
When NOT to Refinance

There are some circumstances that prevent refinancing, such as

  • You purchased your home less than four months ago. Most lenders will not allow borrowers to exit a loan this soon. Refer to your loan documentation for further details.
  • You plan on selling your home in the near future. In this situation, your closing costs may exceed the savings you gain from the reduced monthly payments.
How to Refinance

Refinancing is as easy as four simple steps:

  • Read the conditions of your current home mortgage related to time requirements. Make sure you have made payments for the minimum required amount of time.
  • Complete the NBKC online mortgage loan application HERE. Or, call us at (800) 375-8096.
  • Understand the refinancing details. Ask your loan officer to explain the refinancing points, fees, and payments.
  • Sign the documents. We will let you know when the documents are ready to sign. This can take place in an attorney's office or at a title company.
Flexible Options with Refinancing

Personal decisions or changes in interest rates may result in a desire to refinance your FHA mortgage loan. A mortgage refinance essentially involves acquiring another mortgage to replace an existing one. There are two main types of FHA refinances, "regular" and "streamline." Each type has a different purpose and process.

The FHA Refinance

Pay off an existing mortgage (conventional, VA or FHA) or "cash-out" and use a portion of your home's equity to reduce debt or finance other purchases.

The FHA Streamline Refinance

Reduce principal or interest payments, add or delete individuals from a title, adjust the term of the loan, or change to a fixed-rate or adjustable-rate mortgage with an FHA Streamline Refinance. No cash can be taken out on an FHA Streamline Refinance.

Obtain an FHA refinance quote.

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Do you have a Fannie Mae mortgage?

If you have an existing mortgage through Fannie Mae, learn more about Refi Plus™ refinancing options HERE.

Learn about our other types of loans HERE.

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The Refi Plus Option

Refi Plus™ is a home refinancing option for homeowners with an existing mortgage through Fannie Mae. This option is designed for homeowners who have been making their mortgage payments on time but decreasing their real estate investment due to depreciating home values. Refi Plus™ allows these homeowners to refinance without Private Mortgage Insurance (PMI), as long as the homeowner does not carry PMI on their current loan.

With falling home values many homeowners are finding that they do not have the 20% home equity that they once had, which also means their loan-to-value (LTV) ratio is more than 80%. In ordinary home refinance programs, these two factors would require the person refinancing to pay for PMI. With Refi Plus™, the homeowner can avoid PMI because the lender takes the homeowners' payment history into consideration. If you have made your payments on time, you may be able to save money with a home mortgage refinance through Refi Plus™.

Refi Plus™ Program Details
  • You may not be required to have any equity in your home to refinance with Refi Plus™.
  • Regardless of your home's equity, you cannot take more than $250 (cash) out of the refinance.
  • The financing may cover up to 105% of the appraised value of your home.
  • Applicants need a 620 FICO score to refinance their primary home.

Our loan professionals are trained to understand all the details of Refi Plus.™ Call, and speak with us today at 1-800-375-8096.

Get a Refi Plus™ loan quote.

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Adjustable Rate Mortgage (ARM) Disclosure:

With an adjustable-rate mortgage (ARM), your loan will have an initial fixed-rate period. After the fixed-rate period, your interest rate will adjust up or down according to market rates at the time of reset. Lifetime rate cap is 5%, yearly adjustment cap is 1%, first year rate cap is 1%. As of 10/5/2016 the initial payment on a 30-year, $200,000.00, 5-year Adjustable-Rate Loan at 3.625% interest and 80% loan-to-value (LTV) is $916.66 with 0 points due at closing. The Annual Percentage Rate (APR) is 2.936%. After the initial 60 payments (5 years) at 3.625% interest with payments of $916.66, the rate and payments may adjust annually to 4.625% (estimated) with payments of $1,017.12 (estimated) for the remainder of the loans term (payments 61 – 360 [years 6-30]). After the initial fixed-rate period based on the initial interest rate and interest rate caps disclosed above, the maximum first adjusted rate for this loan will never be more than 4.625%, with a maximum first payment of $1,017.12. The fully indexed rate for this loan is 8.625%, the maximum principal and interest payment for this loan will not exceed $1,434.46. Payment calculations above do not include taxes and insurance premium, the actual payment amounts will be greater. Rate is variable and subject to change after 5 years. Accuracy is not guaranteed and products may not be available for your situation.