Are you looking for a mortgage company in Howell, Michigan, because you’re planning to refinance your home? If that’s the case, the friendly experts with Gem Home Loans will be ready to help. We offer a wide range of lending programs, and we’re 100 percent certain we’ll be able to find one that meets your specific refinancing needs. Our company works with dozens of investors, so we will be more than happy to find the best program for your situation, one with the lowest costs and the best interest rate.

Mortgage Company Howell, MichiganWe want to be the lender you turn to for years to come. When you work with Gem Home Loans, you’ll be working with a mortgage company that will deliver unmatched personal attention and service.

The Basics of Refinancing

If you’ve never refinanced a home before, the principle is very simple. You’re basically replacing the original loan on your home. In most cases, the new one will not only have a new monthly mortgage payment, it will also have a reduced interest rate.

But there are other reasons people refinance other than a lower rate. They will often want to change from an ARM (adjustable rate mortgage) to a fixed-rate mortgage or vice versa. Some have built up a substantial amount of equity and want a so-called “cash-out” refinance. This is basically a way for them to borrow from that equity to pay down other debts. They can also use the money for a home renovation project, or just to take an unforgettable vacation.

There are a lot of reasons why you might want to consider refinancing your home. Here are just a few to keep in mind.

  • You could pay off the home faster by choosing a shorter length of mortgage.
  • You could save thousands by reducing your monthly payment as well as your interest rate.
  • If you go the cash-out route, you can use the money however you want. Pay for your child’s college, make some much-needed repairs to your home, or do whatever else you want.

Just about any sort of mortgage can be refinanced, even a VA or FHA loan. If you have a unique situation that requires more flexibility, the professionals with Gem Home Loans might be able to help.

How to Get the Most Out of a Refinance

Of course, your credit score will go a long way toward determining whether or not refinancing is a good idea. If your score is strong, you’ll very likely be able to get not only a lower interest rate, but also a lower mortgage payment each month. But if your score needs some work, then you’ll probably be better off boosting that score before you get too deep into the refinancing process.

If your financial situation has changed to the point to where you can afford a higher monthly payment, you might want to think about refinancing from your 30-year mortgage to a 15-year mortgage. You won’t pay nearly as much in interest, and you’ll pay off your home much faster.

If You Have Questions, We Have Answers

Not every mortgage company in Howell, Michigan is like Gem Home Loans – staffed with people who will be happy to answer your questions. Get in touch with us any time by contacting us online, or by calling (248) 780-1030.