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.

Mortgage Brokers Troy, MichiganGem 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.

Refinancing 101

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.

  • Cash-out refinancing – If you’ve ever heard of a home equity loan, a cash-out refinance is based on a similar principle. In a nutshell, it’s a way for you to borrow money based on how much equity you’ve already accumulated. The cash-out method of refinancing is basically a way to not only refinance your home, but to also borrow funds. You’re not limited in any way in regard to how you use those funds. You can pay for college, pay off some medical bills, remodel part of your home, or do anything else you want.
  • Rate and term refinancing – This is more in line with a typical refinance. It can either change the rate of interest you’re paying, the length, or “term” or your mortgage, or both. The purpose is to find a rate and term that are more favorable to your specific financial needs.

Why Refinance?

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.

Get in Touch With Us for More Information

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.