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Refinancing Your Mortgage in Columbia, MO

Refinancing your mortgage can be a great financial step for anybody looking to lower their monthly payments or spend less on interest throughout the course of the loan.

But for the first-time refinancer, the world of calculators and interest rates may seem daunting. The home loan refinancing specialists at Magnolia Bank are available to break it down simply and help you find competitive mortgage rates in Columbia, MO.

What Does Refinancing Mean?

“Refinancing” your mortgage simply means taking out a new mortgage on your home. When you refinance, your new loan pays off the balance of your old loan and allows you to obtain a new agreement with the potential for lower interest rates or reduced monthly payments.

Refinancing also gives you the opportunity to borrow money out of what you’ve already paid into your home, known as your home’s equity. When you refinance your home, you can borrow money against this amount from your mortgage lender in order to make large updates or improvements that would, in turn, increase your home’s value.  

Getting a Better Loan Rate in Missouri

Why Should You Refinance?

As mentioned above, refinancing can be the best chance you’ll have to lower your mortgage’s interest rates or monthly payments.

Some of the biggest reasons why people choose to refinance include:

  • Lowering monthly payments
  • Lowering total interest paid
  • Getting rid of Private Mortgage Insurance (PMI)
  • Tapping into a home equity line of credit

It is common for people refinancing their mortgages with lower rates to reduce their monthly payments significantly and save hundreds of dollars a year in interest alone.

“As first time home buyers, we had a lot of questions (and not the best credit scores). Bobby [from Magnolia Bank] answered all of our questions and worked very hard to get us the best possible interest rate. We have been in our dream home for a year and just finished refinancing our home with Bobby. He was able to lower our house payment by $200!”

 

Bernardi & Terri

 

Whether or not refinancing is right for you will depend widely on the market and your individual needs. The key will be finding a competitive interest rate at a term length that is ideal for you.

A mortgage specialist can help you learn more about the current market and options available to see if refinancing is a good fit.

Refinancing Your Mortgage in MIssouri

Are There Any Risks?

You have the potential to run into some risks from a refinance if you incur any penalties. One common way that borrowers get into trouble is by using their home equity line of credit to pay down your existing mortgage.

Additionally, you should be prepared to pay some additional fees and costs associated with refinancing, including an applications fee, title insurance, bank fees and attorney review fees. By refinancing your current mortgage loan your finance charges may be higher over the life of the loan.

Talk to your lender about these during your search process. They are standard for any refinancing process, but understanding the entire process up front will help you make an informed decision about which lender to go with.

How To Begin Your Refinance

In order to refinance your home, you need to have owned it for at least 12 months. From there, start your process by discussing your mortgage and financial situation with a mortgage specialist.

Contact Magnolia Bank to discuss the mortgage refinance options available and to look at how a new loan could work for you.

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Contact Us

Phone: (573) 234-4120

Address: 1 South 4th Street, Columbia, MO 65201

Google Rating
5.0
Community First Home Loans
Community First Home Loans
5.0
Max Prokell
Max Prokell
20:58 25 Aug 16
Bobby and his team at Community First Home Loans are great. They take the time to help you find the best home loan options for you, and they do a fantastic job explaining all of your options. I HIGHLY RECOMMEND them to anyone looking for a home loan. Thanks for everything!
jagormanmo
jagormanmo
20:41 23 Aug 16
On the contrary, to whoever wrote this childish review about Richie & Bobby, you evidently were gooned out when you wrote this. These men have worked so long & hard for me, getting my loan to go through. I can't even imagine them associating themselves with a "little boy" kind of guy that would write something so childish. You need to go back to school and learn how to Try to put down such hard workers in an adult manner. Grow up young man. I mean't little boy. Jean M.
Brandon Mushlin
Brandon Mushlin
19:53 23 Aug 16
I've worked with Richie Duncan in various capacities since 2001. What I know him most for is his straight forward, no time wasting approach with clients, service providers and industry experts. He has been in the industry over 18 years, and he is one of the last I know that will roll up his sleeves to go the extra mile for those clients in tougher situations or with harder credit. Richie continues following up with clients over the years, and his relationship the last 5+ years as a 50 state banker means he is able to help more people that have been put on the back burner. I know many top banks who send him their turn-downs and he is able to work with the client to put them in a loan and great rate. He never pushes you off to an assistant, call it control, or call it an expert wanting to serve his clients, either way, the end result is having a personal advocate in a world that has seen un-trust within the industry. He's rode the industry roller coaster and continues this career for his love of people getting the loan they desire, and his love of the industry, regardless of the continuous changes that come. Richie stays educated and in the know so he can keep you in the know. He has loan options down to a 530 FICO Score for 100% on a purchase or cash out refinance, doing a loan like this takes time, but the programs are available. So please, if you are frustrated, upset with your last experience or are looking for a Mortgage Banker that will always take your calls, then reach out to Richie at Community First National Bank.
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Magnolia Bank is not affiliated with or acting on behalf of or at the direction of the FHA, VA, USDA or the Federal Government