Refinance Mortgage Beverly Hills, Michigan

A lot of people turn to Gem Home Loans when they refinance a mortgage in Beverley Hills, Michigan. They do it because they trust our experts. They know we won’t try to pressure them into making a hasty decision that could bring years of financial problems. Instead, we carefully show them all of their options, and spell out the pros and cons. Once we do that, our clients can make their ultimate decision with total confidence and peace of mind.

Is Refinancing Right for You?

You might immediately rush into trying to refinance your home when mortgage rates get really low. Of course, that makes perfect sense from a financial perspective. However, you’re making the choice to refinance for the long term, not the short term. It sounds fantastic now, but what happens when rates go back up? That could actually have a seriously negative impact on your finances.

Don’t take this to mean that the professionals with Gem Home Loans believe no one should ever finance a home. That’s obviously not the case. When we truly feel that refinancing is in a client’s best interests, we’ll recommend it. But it will be critically important that you take all of your options into consideration before making this kind of commitment. In order to make the best possible choice, you’ll need the best possible information. That’s exactly what you’ll get when you work with us.

Questions to Ask Before Refinancing

You need to really sit down and ask yourself some questions before refinancing. These are just a few to keep in mind.

• How much lower are rates than what you’re already paying? – You might have heard breathless commenters insist that you simply have to “strike while the iron is hot,” and refinance as soon as rates drop to a certain point. But, again, this is a long-term situation. Ask yourself how much money refinancing will save. Say you have a $300,000 mortgage. If the mortgage rate drops 1 percent, you won’t really save as much money as you would if you had a $600,000 mortgage.

• Will you be in your home for several years to come? – Refinancing, just like buying a home, involves closing costs. Those costs will either become part of your new monthly mortgage, or you’ll pay them out of your pocket up front. If you plan on leaving your home in the relatively near future, there’s a possibility that refinancing could actually cost you money.
  

• Do you want to shave years off of your mortgage? – Say you have 20 years left on your current 30-year mortgage. If you refinance to a new 30-year mortgage, you probably won’t save any money. On the other hand, you could save a substantial amount if you’re in position to change to a 15-year mortgage.
  

• Are you looking to increase cash flow? – Refinancing could allow you to have more money in your bank account each month. This will give you the flexibility to put that money to work if you like, through investments or a savings account.
  

Let Us Tell You More

The professionals with Gem Home Loans are ready to help you make the right decision as to whether or not to refinance a mortgage in Beverley Hills, Michigan. Just contact us online or give us a call at 248-780-0601.