Refinance Your Mortgage

Licensed to work with clients in 40 different states.

When you refinance, you replace your current home loan with a new one. Mortgage refinancing requires you to qualify for the loan, just as you had to meet the lender’s requirements for the original mortgage. You file an application, go through the underwriting process and go to closing, as you did when you initially purchased the home.

The Mortgage Refinancing Process

First, let us help get your credit score as high as possible with our Rescore tools so that you qualify for the lowest interest rates. Have a rough idea of the rates and other terms you desire in your new loan. Remember: These terms should represent an improvement on the terms of your existing loan.

Next, McGowan Mortgages will shop hundreds of the best lenders across the country to guarantee your best loan terms. With us, don't just get 1 quote, but get 200+ quotes from one simple point-of-contact.

Don’t open any new credit during the refinancing process; it could hinder the deal.

We'll keep you updated as you go through the process to ensure it's a smooth transaction. You will also be able to skip 1-2 monthly payments in between your current mortgage and the new mortgage, for another built-in benefit of the Refinance

Reasons to Refinance a Mortgage

Lowering your monthly payment

When your goal is to pay less every month, you can either refinance into a loan with a lower interest rate or a longer loan term. However, extending the term means that you pay more interest in the long run.

Paying off the loan faster

You can switch to a mortgage with a shorter term and, as a result, pay less interest over the life of the loan. One downside to this is that your monthly payments will probably go up.

Cashing out

If you have significant equity in your Kansas City home, you may be able to cash out a portion of it with a refinance to pay bills, finance a large purchase, or buy out an ex-spouse in a divorce.

Getting rid of FHA mortgage insurance

Whereas private mortgage insurance (PMI) on conventional home loans can be canceled, you can only get rid of FHA mortgage insurance premiums by selling your Kansas City home or refinancing when you have accumulated enough equity (equity can be calculated by estimating the value of your home, then subtracting your mortgage balance from that number).

Switching from an adjustable rate to a fixed rate loan

Interest rates on adjustable rate mortgages (ARMs) can increase over time, while the ones on fixed rate loans stay the same. If you’re looking for more of a sense of financial stability and would prefer making steady payments on your loan, then you might want to consider refinancing.

Consolidating debts

If you have multiple loans, it might make sense to consolidate them into a single loan; it’s easier to keep track of payments that way.

Different Types of Mortgage Refinancing

Rate-and-Term

With this type of loan, the goal is to change the interest rate, loan term or both without making any changes to the amount of the loan. This option is best if you’re trying to save money on your monthly payment or switch your loan from an adjustable rate to a fixed rate.

Cash-Out

As the name suggests, a cash-out refinance involves cashing out a portion of the home’s equity. Doing so results in a higher loan amount, with the difference typically equal to the amount cashed out. While a cash-out refinance can help Kansas City homeowners get the cash they need for certain activities, it typically results in a higher monthly payment and interest rate than a rate-and-term refinance loan.

Streamline FHA/VA Refinance

If you're currently in an FHA or VA home loan and the market allows for a lower interest rate now, we can do a Streamline Refinance, where you drop your interest rate and monthly payment, but just like it sounds - the whole process is Streamlined and simple. No new appraisal, no new verification of income. We just have to verify that the credit score is still qualifiable, you've made your mortgage payments on time, and the same persons remain on the new mortgage. With that, you have a very simple Streamline Refinance ready to go and a lower rate and monthly payment awaiting you!

Your Kansas City Mortgage Refinancing
Expert: McGowan Mortgages

Contact McGowan Mortgages today at (816) 631-9687.

Refinance

See What Our Clients Are Saying About Us!

McGowan Mortgages

4.9

Based on 144 reviews

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matt oakley

13:39 26 Aug 24

Fast, efficient, informative and always professional!

Jamie Lynam

13:10 26 Aug 24

McGowan Mortgages worked very hard to get the job done. The communication is excellent and all the staff were so very nice and efficient. I cant say enough about how grateful I am for this company.

Reginaldo Garcia

20:24 21 Aug 24

Excelente Servicio y Atención. Gracias

Katie Brashears

22:54 16 Aug 24

They are a great company to work with. As a First time home buyer with all the questions they answered all of them and were available anytime I needed.

Denise jane Apostol

01:23 15 Aug 24

The best Mortgage company

Adam Stafford

18:21 11 Aug 24

Buying my first home was terrifying enough but Derek and his team got me through it anxiety attacks and all. He made the impossible happen and I can't thank him enough.

Mel Clark

16:26 08 Aug 24

I recently had the pleasure of working with McGowan Mortgages for my home, and I couldn't be happier with the experience. From start to finish, their team was professional, knowledgeable, and incredibly responsive.They guided me through the entire process with ease, explaining every step in detail and answering all my questions patiently. They were always available to address any concerns I had, which made me feel confident and supported throughout the process.McGowan Mortgages secured a fantastic interest rate for me, saving me a significant amount of money each month. Their dedication to finding the best possible deal for their clients is truly commendable.I highly recommend McGowan Mortgages to anyone looking for a mortgage or refinance. Their exceptional service, expertise, and commitment to their clients make them stand out from the rest. I am grateful for their assistance in making my refinance a smooth and successful experience.

Homer Simpson

16:37 06 Aug 24

Stephen Colberg

15:30 01 Aug 24

As a wholesale Account Executive for The Loan Store - I've had the privilege of working with Derek McGowan and his team on several transactions - The McGowan team are absolute professionals and tops in our industry - they are always working to get their clients the best possible rates and never miss a closing date - if you want the best rates and service you can't go wrong with the McGowan Team!

Tammy Sheaffer

20:33 29 Jul 24

Derek and his Team were a Breeze to work with. Being on the listing side, it's always so nice to have a lending team that cares not just about their client but about making sure all parties are working on the same goal - get to the closing table! Great communication and responds to emails - Thank you!Tammy~Transaction Coordinator for The Crossroads Real Estate Group of Keller Williams Diamond Partners Inc (Olathe)

Giselle Cintron

23:52 21 Jul 24

Derek and his team are amazing! They made sure this process ran smoothly from beginning to end. I am truly grateful for them and honestly never thought owning a home was going to be so easy. I will recommend McGowan Mortgages to anyone looking to purchase their home. 🏠

Paul Nsubisi Mwankusye

22:50 21 Jul 24

Very organized and professional which makes the process easy and smooth. I recommend

Keith Cooper II

20:15 21 Jul 24

Taylor Miranda

19:09 15 Jul 24

Derek is the best ever!!

Christina Cooper

14:03 05 Jul 24

tamikanicole

20:08 12 Jun 24

I love, working with them. This team works with you the whole way through. They even did follow up’s after the closing. I would recommend them to anyone who is looking to buy a home.

Andrea R

22:55 10 Jun 24

I don’t even know where to start. My husband and I have been trying to years and thankfully McGowen mortgages was recommended to us, we took a chance and gave it a try and they walked us through the entire process, kept constant communication and made sure to follow up with us after our approval.Thank you so much we really can’t thank you enough however we will telling anyone with ears how amazing our experience has been.God bless.

Dianne Hubbard

14:45 27 May 24

If I was to get another house I will surely come back to y'all y'all did the great job for me best job ever y'all went above and beyond for me thank you all so much and I will refer other people like my family members which I already have keep up the good work thank you so much

Elizabeth Bade

02:12 10 May 24

Nothing but great things to say. Michael did great!!!

Camren Veach

14:17 07 May 24

Super smart, super good at communication

Dee ohrt

00:11 07 May 24

Its been a pleasure working with attentive lenders. They have reached out several times trying to show they want me comfortable in the process. Though I'm still in the works with the loan, I am quite confident in the manner McGowan is handling my loan and I am thankful that my Veterans advocate have sent me to them.

Chelsey Kessler

20:40 06 May 24

The McGowan Mortgage team provides top-tier customer service and they're ALWAYS willing to dive in and help! Their attentiveness coupled with the robust variety of loan programs they offer makes them some of the best in the business. If you give them a shot at earning your business, I'm certain you'll be glad you did!

Adam Canote

02:29 05 May 24

Highly recommend! Michael Corujo is the best in the business. Always quick to reply and super knowledgeable.

Joe Schuster

13:50 04 May 24

Jeff Nguyen

13:03 04 May 24

Kimberly Roberts

22:55 03 May 24

Michael has been wonderful to work with! Extremely knowledgeable and easy to work with!

Brad Parks

21:53 03 May 24

We have done numerous transaction with Derrick, Michael, Jess, and the rest of their team . I can't say enough good things about these guys!!! They really go the extra mile for their clients to ensure a smooth closing process. 🍻🍻 to many more successful transactions!!! 😃😃😃

Thu Phan

21:46 03 May 24

McGowen Mortgage is super easy to work with! Michael is amazing! We literally got our Heloc in less than 2 weeks! Thanks guys!

Jeremyah Grigery

20:45 03 May 24

I'm not one to leave reviews on things, but I felt compelled to leave this one. Our experience with Michael was fantastic. Honestly, I'd leave 6 stars if they let me. Michael was very communicative throughout the entire process to the point of actually anticipating questions that we would have even before we got a chance to ask. Never dealt with someone who actually felt like a true "expert" in the field. I won't use anyone else in the future.

Brandon Womack

20:29 03 May 24

Ask for Michael! Great guy, knowledgeable, and always willing to help.

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