Mortgage Broker Kansas City MO | (816) 631-9687 | McGowan Mortgages
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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.
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McGowan Mortgages is an Equal Housing Lender and an Other Trade Name of Nexa Mortgage, LLC, 5559 S Sossaman Rd #1-101, Mesa, AZ 85212. As prohibited by federal law, we do not discriminate on the basis of race, color, religion, national origin, sex, marital status, age, receipt of public assistance, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs are subject to change without notice. All borrowers must qualify based on program guidelines.
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They was there the whole way love them guys Tim became family and was very helpful with any information he explained it to where you can understand it correctly to your way of knowing and understanding
Super helpful
I had an excellent experience with McGowan Mortgages. The HELOC process was seamless and easy- which is everything to me because my schedule can get hectic at times. So to have a company that helped make the process smooth was SO nice. Plus, they were able to get me the funds asap which was crucial to the timing and purchase of a property. I would recommend to everyone!
PURCHASE YOUR HOME WITH MCGOWAN MORTAGE 💞💞I had the best experience ever working with the the staff of McGowan Mortgage ,I built the best relationship through text messages,emails and phone calls Kammi was amazing but when Mr. Derek stepped in it he completed the task himself it was an awesome experience and I recommend this company to everyone in the world ❤️❤️❤️❤️
They made the whole process super easy and I was able to close quick with a low interest rate. I will definitely use them again for my next home and refinancing.
We loved working with McGowan! It was our first time buying a house, and we were so overwhelemed. They were supportive the whole way through and patient explaining everything so we could make the best decisions on our loan choice, how much to put down, saving for closing, etc. Very responsive and could tell genuily care. :)
Derek and his team worked tirelessly to get us approved and into our new house, all around the clock. We have worked with several other lenders and can confidently say that the McGowan group far exceeded our expectations. They listened, explained, and walked us through every step. I would recommend McGowan Mortgages 100% with no hesitation to anyone thinking about buying a home. Their level of expertise, especially in this market, will make the difference in securing the house of your dreams with rates you can afford or having made the biggest mistake of your life. I will always come back and know that they are there for my family and I, with any questions we have. I can’t thank the McGowan team enough for their professionalism and dedication to our family during a difficult process made easy.
My Team was fast and very flexible. I appreciate them helping us with our first DSCR Loan. 10/10
The team was phenomenal to work with and extremely helpful every step of the way. I recommend them to anyone purchasing or refinance their home.
McGowan Mortgage was outstanding for both my primary home purchase and an investment property. Their speed was exceptional—everything moved efficiently without ever feeling rushed. The team’s knowledge was clear at every step, from structuring the loans to explaining options in a way that actually made sense. Most impressive was the communication: proactive, responsive, and transparent throughout the entire process. I always knew where things stood and what was coming next. I wouldn’t hesitate to recommend McGowan Mortgage to anyone looking for a smooth, professional mortgage experience.
Fantastic company with a knowledgeable and supportive team. Great processes, clear communication, and a strong commitment to quality. Highly recommend!
THE BEST!
I am very grateful with McGowan Mortgages, they helped me to get the mortgage for my new house last year, especially when most banks told me it was too difficult or even impossible because I am a self employed, McGowan made simple and possible, I truly recommend them.
There team is great they worked together to get my heloc funded in 9 days, when I was on a time crunch!!
If you want a mortgage lender who is responsive, sharp, honest, and relentless, Max Disser is the guy. We purchased our home in November 2024, and since this was my first home purchase, I expected the process to be stressful and confusing. On top of that, we used a VA loan, which can come with extra steps and specific requirements. Max handled everything like a total professional and made the entire process feel smooth, organized, and completely manageable. He communicated clearly, stayed ahead of deadlines, and always made sure I understood what was happening at every stage. Anytime I had a question, Max responded quickly and confidently, and I never felt left in the dark. What really stood out was how knowledgeable he was with the VA loan process and how well he worked with me as a veteran. He didn’t just “process a loan” — he genuinely cared and made sure I was taken care of from start to finish. If you’re a first-time buyer or a veteran looking to use your VA benefits, I highly recommend Max Disser and the McGowan Mortgages team.
Derek and his team worked to find a tailored solution for my circumstance. Responsive and detailed team that will work to find the best product that meets your goals. I would highly recommend this company!
Derek has a great team, and while the process wasn't without hiccups, his team was great to work with and helped every step of the way.
Derek got us set up and approved fast so we could put in offers on homes quickly. We got our place and the experience was great. Also during the process as questions or concerns came up he answered quickly and was very professional . We look forward to working with Derek and the McGowan team for future investments.
I have never met a group of people who are experienced when it comes to home buying. It was my first time purchasing a home. I didn't know how to start the home buying process. I was introduced to Tiana, Jessica, Derek and their team who stood up with me and my daughter from the beginning to the end. We were in our house in a timely manner. We will like to say thanks to Derek and his team. ⭐⭐⭐⭐⭐