Refinance Mortgage Michigan

If you believe the time has come to refinance your mortgage in Michigan, Gem Home Loans will be here to help. We have a great deal of experience working with clients across the state, and helping them find the refinancing option that works best for their financial future. We’re committed to helping you navigate the complexities of refinancing so that once you make your decision, you’ll be at peace knowing it’s the best possible choice.

How to Decide Whether or Not to Refinance

A home refinance seems fairly simple on the surface. When you bought your home, you got a mortgage. When you refinance, you get a new mortgage. The difference is where the money goes. Your original mortgage went to the home seller. A refinance mortgage pays off the balance of that original mortgage.

But deciding if you want to refinance can be a great deal more complex. The first thing you need to determine is why you’d want to do so in the first place. There are a lot of different reasons for refinancing, of course. Here are a few of the more common ones.

• Lowering your monthly payment – If you’re tired of paying what you feel is too much each month, or your financial circumstances have changed and you are having a tougher time making that payment, then a refinance might be a good idea. You could decide to extend the term of your loan, from 15 years to 30. The good news is you’ll be reducing your payment. The bad news is you’ll be paying more in interest over the long term.

• Cashing out – You could refinance in order to borrow more money than you currently owe on your original mortgage. If that’s the case, then your lender can give you a check for the difference – known as a cash-out refinance.
  

• You want to pay off the loan faster – Maybe your financial situation has changed in the other direction. You’re making much more money than you did when you got your first mortgage. Maybe your expenses aren’t as large because your children are in college or are working. You might want to refinance in order to move your 30-year mortgage to a 15-year mortgage. Your monthly payments will increase, but you’ll pay it off much faster – and you’ll save a lot of money in interest.
  

• You want a fixed-rate loan – You could be tired of the uncertainty that comes with an adjustable rate mortgage (ARM) and you want a fixed-rate loan instead. Refinancing to a different loan could bring you some much-desired stability.
  

Whatever your reason for wanting to refinance, the experts with Gem Home Loans can make the process easier than you ever might have thought imaginable. We have many different options, and we’ll help you pick the one that works best for your budget – both now and well down the road.

We’re Ready to Help

Get in touch with a Gem Home Loans professional if you think the time is right to refinance your mortgage in Michigan. You’ll never have to worry about us forcing you into any sort of option. We’ll clearly spell out all the pros and cons of all your choices so you can make the most educated decision. You can get in touch by calling 248-780-0601 or contacting us online.