The friendly mortgage brokers with Gem Home Loans have helped a lot of people get lower interest rates in Troy, Michigan – and as a result, get substantially lower monthly payments – through home refinancing. Even if you don’t have great credit, your self-employed, or you have some other type of unique financial challenges, we will be happy to help.
Gem Home Loans isn’t your typical mortgage company. We are solely focused on helping our clients on a one-on-one basis. When you work with us, we’ll pay close attention to all the details of your current financial situation, and then help you find the solution that fits best with your needs and your budget.
Since we work with dozens of investors from a wide range of financial institutions, we can negotiate for you. You won’t have to worry about a thing, because we’ll do all the legwork. After we secure different bids, we’ll explain all your options in clear, easy-to-understand language. If a specific refinancing option looks like a good fit, but it’s not exactly what you want, we can work with that lender to make whatever adjustments are needed.
If you’re new to refinancing, it simply means replacing your current mortgage with one that gives you better terms. There are two main types of refinancing. One is known as “cash-out” refinancing. The other is “rate and term” refinancing. Here’s a brief look at how both of them work.
There are a lot of reasons to consider refinancing your home. You already know it could reduce your interest rate, and in the process lower your mortgage payment each month. But you could also change the type of mortgage you’re paying – you might, for instance, want to switch from an adjustable rate mortgage to a fixed-rate mortgage, or do the opposite.
If you want, you could also switch from a 15-year mortgage to a 30-year mortgage to reduce your monthly payment. On the other hand, if your financial situation has changed for the better, and you can afford a higher payment yet want to stay in the same home, you could change from a 30-year to a 15-year mortgage.
Refinancing in Troy, Michigan can get pretty complex, but the expert mortgage brokers with Gem Home Loans are ready to help. We’ll take the stress and worry out of the refinancing process, and keep you fully informed each step of the way. Visit us online or give us a call at (248) 780-1030 to learn more.