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.

See What Our Clients Are Saying About Us!

ERIC CAMPBELL
ERIC CAMPBELL
13:37 13 May 24
Michael Corujo is better than any other LO there...
Elizabeth Bade
Elizabeth Bade
02:12 10 May 24
Nothing but great things to say. Michael did great!!!
Tisha Greco
Tisha Greco
20:53 07 May 24
What a great group of folks to work with! They do such an amazing job of communicating and you can tell they genuinely care about their customers and the outcomes. Michael is so incredibly nice and helped make my dreams come true! Highly recommend!
Camren Veach
Camren Veach
14:17 07 May 24
Super smart, super good at communication
Dee ohrt
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
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
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
Joe Schuster
13:50 04 May 24
Jeff Nguyen
Jeff Nguyen
13:03 04 May 24
Kimberly Roberts
Kimberly Roberts
22:55 03 May 24
Michael has been wonderful to work with! Extremely knowledgeable and easy to work with!
Brad Parks
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
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
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
Brandon Womack
20:29 03 May 24
Ask for Michael! Great guy, knowledgeable, and always willing to help.
Quintin Morse
Quintin Morse
20:01 03 May 24
Michael Corujo was incredibly helpful in getting me the info I needed to be an educated buyer in the current market. Highly recommend.
Stephanie Schupp
Stephanie Schupp
19:59 03 May 24
Michael is 10/10 as a mortgage broker. We have used Michael for several loans and he’s professional, timely, and has always saved us money. Highly recommend!
AB Tubers
AB Tubers
19:37 03 May 24
Michael Corujo was excellent. very friendly, professional, and timely communication from start to finish. Highly recommend
Joshua Reeves
Joshua Reeves
19:35 03 May 24
Derek has a great team over there! Michael C is the best! Made the proess so easy!
Michael Tyler Corujo
Michael Tyler Corujo
19:05 03 May 24
Derek is the best. They have great rates and every loan product known to man.Their team is quick to respond and very nice and informative. I would recommend them to any of my friends or loved ones.
Chelsey Kessler
Chelsey Kessler
17:49 03 May 24
Kyle Coleman
Kyle Coleman
22:37 12 Apr 24
Great to work with them, closed really quick. Great communication!
Cindy Tran
Cindy Tran
00:49 12 Apr 24
Derek and his team are very helpful, organized and professional! They go above and beyond!! Would 100% recommend!
Derek McGowan
Derek McGowan
05:35 11 Apr 24
Steven Wynands
Steven Wynands
21:19 09 Apr 24
Derek is such a forward-thinking Loan Officer that it's no wonder he's in the top 1% in the entire country! He and his team stay plugged into the industry so that they can provide the best options for their borrowers and real estate agents. Rock on Derek!
Kendal Hatten
Kendal Hatten
23:46 08 Apr 24
Derek and his team are wonderful! My husband and I are buying our first home. Derek was able to get me pre approved on a Sunday afternoon and has been available for my questions! I will be referring my family and friends to McGowan MortgagesExcellent service! 🥰🥰🥰
Paul Nsubisi Mwankusye
Paul Nsubisi Mwankusye
18:45 09 Mar 24
Very organized and professional which makes the process easy and smooth. I recommend
Chanita Tuggle
Chanita Tuggle
22:39 05 Mar 24
Jessica was very helpful and knowledgeable about the whole process, patient with me being a 1st time home buyer she literally held my hand and walked me through the process will recommend McGowan Mortgages to my friends and family thanks for all you guys did for me
Karen Myers
Karen Myers
18:37 05 Mar 24
Very helpful with helping us secure a HELOC for the purchase of a second property. Always available for questions and responsive to any concerns. Thanks!
Lorena Patterson
Lorena Patterson
11:56 05 Mar 24
As a closer for a title company for the last 20 years I know good service and I love that I was given everything before I even had to ask for it. Love the organization and attention to detail.
Betsy Siegfried
Betsy Siegfried
19:54 07 Feb 24
Derek and his team were great to partner with! Having happy buyers at the closing table is best part of our job. I would highly recommend and look forward to working with McGowan Mortgage again.
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