Many homeowners in Birmingham and elsewhere in Michigan rely on Gem Home Loans to help them refinance their home mortgages to lower their interest rates and their monthly payments. We can often find lenders willing to accept borrowers with less-than-stellar credit, non-W2 income, and other unique financial situations.
Gem Home Loans is a client-focused mortgage broker that prefers working one-on-one with clients in building custom financial solutions that meet their unique needs.
Our 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.
We offer a wide range of mortgage products from a number of different lenders, including banks, credit unions, and non-traditional lenders. We are not limited by geography and will tap local and statewide lenders.
Once we have competing bids in hand, we will negotiate on your behalf to save you time. We work with different types of lenders, including those who specialize in servicing people with adverse credit, and can leverage our relationships with mainstream banks.
If one lender’s loan package lacks something a competitor is offering, our skilled professionals may be able to encourage the lender to adjust the original offer in your favor.
Refinancing means that you want to replace your existing mortgage with one that offers more favorable terms. During the process, your old mortgage will be completely paid off and replaced with a new mortgage.
Refinancing is often categorized in one of two ways, “rate and term” or “cash-out.”
Rate and Term Refinancing
Rate and term refinancing changes the interest rate, the term, or both the rate and the term, of your existing mortgage to make them more favorable to you while maintaining the original remaining principal amount. Some lenders refer to rate and term refinances as regular refinances.
Cash-out refinancing is similar to a Home Equity Loan that allows you to borrow funds based on the equity built up in your home. It gives you a way to both refinance your mortgage and borrow money at the same time. You can use the proceeds for any purpose, such as home renovations, paying off other debts, tuition costs, starting a business, or medical expenses.
Here are some great reasons to refinance your mortgage:
When you’re ready to refinance your current mortgage in Birmingham, Michigan, Gem Home Loans will help you find a solution that will put you on the path to savings. Contact us online or call us at (248)-318-2394 to explore your many options.