If you’re planning to refinance a mortgage in Berkley, Michigan, the professionals with Gem Home Loans can help. This can be a pretty difficult process to navigate on your own, but we’ll do everything we can to make it as simple as possible. We offer not only refinancing services, but also several other types of lending programs. Our company works with a wide variety of investors, so we can find you the best deal for you and your family.

Refinance Mortgage Berkley, MichiganThere are some mortgage companies that don’t do that. They’re so laser-focused on making as much money they can, and their clients will sometimes suffer as a result. Gem Home Loans won’t try to influence you into refinancing if we don’t truly feel it’s in your best interests. While we like to make money like any other company, we won’t put profits ahead of our clients’ financial futures. If we truly believe refinancing will be a good idea, we’ll do everything we can to make it happen. If we feel like you’ll be better off not refinancing at this time, we’ll be completely honest.

Refinancing 101

When people refinance a home, they’re basically trading in one mortgage for another. The new loan will come with a new interest rate (probably a much lower one) as well as a different monthly mortgage payment.

Homeowners want to refinance for several different reasons They will typically do it to lower their monthly payment as well as their interest rate. Some choose to pursue refinancing because they want to move to a fixed-rate mortgage from an adjustable-rate mortgage.

Whatever your particular motivation might be, there are a lot of benefits you may be able to enjoy by refinancing your home. These are just a few.

  • The money you’ll be saving (in reduced interest payments and reduced monthly mortgage payments) could easily reach into the thousands of dollars over the life of the new loan.
  • You could pay your home off faster by moving to a shorter-term mortgage.
  • If you’ve refinanced before, there’s a chance you could combine both your first and second mortgage loans into one. That could significantly lower the amount you pay each month.
  • Changing to a fixed-rate loan will provide you with certainty, because your payments won’t fluctuate each month like they can with an adjustable-rate loan.
  • You could refinance using the equity you’ve already built up in your home, using the money for whatever you like. This could mean paying for your child’s college, taking a dream vacation, or making improvements to your home.

Important Considerations

If you want to reduce your mortgage payment through refinancing, you’ll have to remember that your credit score will have a major impact on what you’ll pay. Higher scores typically translate to lower interest rates, as well as lower payments. On the other hand, if your credit score could use some improving, it might make more sense to wait a while.

Get in Touch to Learn More

Please don’t hesitate to get in touch with Gem Home Loans if you want more information on refinancing a mortgage in Berkley, Michigan. You can reach us by using our convenient online form, or you can give us a call at (248) 780-0601. We look forward to working with you, and helping solidify your financial future.