Have you been thinking about a refinance of your home loan in Rochester Hills, Michigan? If you are looking for great rates and flexibility, Gem Home Loans can assist you in choosing a mortgage that meets your unique needs.

At Gem Home Loans, headquartered in Rochester Hills, MI, we offer a variety of lending products and are confident that one will work for your home financing needs. We are mortgage brokers and partner with dozens of investors to find you the best rates, costs, and programs.

Refinance Home Loan Rochester Hills, MichiganOur experienced professionals understand Michigan and the local housing market. The person you contact will be the same person you work with throughout the completion of the home financing process.

Reasons to Consider Refinancing

There are many reasons that homeowners decide to refinance. Here are a few of the most common:

Shorten the term of your mortgage.  With interest rates at record lows, consider refinancing your 30-year mortgage to a shorter term, such as 15 years. The payment may not be much more than your current payment, if at all, and you will be able to build equity in your home much faster.

Lower your interest rate. If your home was financed at a higher interest rate than the low rates available today, you may be able to save tens of thousands of dollars in interest over the life of the loan by refinancing.

Lower your monthly payment. Refinancing your mortgage at a lower interest rate could reduce your monthly payment significantly and save tens of thousands of dollars in interest. Although it could increase the term of your loan, it may make sense to use the difference in payments to save or invest elsewhere.

Eliminate a second mortgage. If you have a first mortgage and a home equity loan, consolidate your debts by combining them into one fixed-rate mortgage with one predictable payment every month.

Change from an adjustable rate mortgage to a fixed rate loan. If you currently have an ARM, it may be the perfect time to refinance into a fixed-rate mortgage. Interest rates are low at the moment, but they may not stay this low forever. Locking in a low fixed rate can protect you from rising interest rates in the future.

Cash out equity. Many homeowners refinance their homes and cash out some of their equity for major expenses like buying a car, paying for a wedding, or financing an education—purchases that might otherwise require you to borrow funds at a higher, non-tax-deductible interest rate. If you’re starting a new business or want to buy more property, refinancing often makes good sense.

As you evaluate mortgage companies to help you refinance your home loan in Rochester Hills, Michigan, consider Gem Home Loans. Get in touch with us at (248)-318-2394 or contact us online to discuss all of the options with one of our experts.