If you’re looking to refinance a mortgage in Novi, Michigan, the professionals with Gem Home Loans are ready to help. Just about any kind of mortgage can be refinanced, whether it’s a VA, FHA, or anything else. At Gem Home Loans, we’ll help you navigate all the complexities that can be a part of the refinance process, and make sure you find a solution that brings you complete peace of mind.
When we say we’re “client focused,” we really mean it. We like working one-on-one with people, making sure they understand all of their options when it comes to finding a mortgage or refinancing their current home. When you contact us, we will make sure you work with the same person throughout the process.
At Gem Home Loans, we pride ourselves on delivering personal attention. We won’t disappear for days at a time. We’ll be here when you need us, whether you have questions you need answered, or concerns you need addressed. We want to be the lender you turn to time after time.
If you’ve never refinanced a home before, then it might seem daunting. While it can be a fairly complex process, the experts with Gem Home Loans will make it easy.
In a nutshell, when you refinance a home you’re basically switching out your current mortgage loan for a new one. The new loan will typically have a lower interest rate – that’s the main reason people refinance in the first place. Refinancing can reduce your monthly payment, but you’ll also be extending the term of your original loan. A Gem Home Loans professional will help you decide whether refinancing will make sense for your financial future.
There’s another consideration to keep in mind when determining if you want to refinance – your credit score. The higher the score, the lower your interest rate will probably be. If you have a low score, you should work to get it higher before deciding to refinance.
Another thing to thing about will be mortgage points. In exchange for a lower rate, you’ll more than likely be paying these points, which are also known as discount points. Basically, each point is equivalent to 1% of the amount of the loan. If you’re refinancing a $300,000 home, for example, you’ll be paying $3,000.
Refinancing is an incredibly attractive option for a lot of homeowners. However, that doesn’t mean it’s right for everyone. You might be in a financial situation where it makes perfect sense. But if you’re already paying low interest rates, you might not wind up saving a lot of money. Not only will you have points, but there will probably be other fees as well, such as closing costs.
This is where Gem Home Loans comes in. We’ll carefully explain all of your options, and spell out the pros and cons of refinancing. It could go a long way toward reducing your debt, but on the other hand, it could wind up costing more than it’s really worth.
Please don’t refinance a mortgage in Novi, Michigan until you talk to Gem Home Loans first. You can give us a call at (248) 780-0601, or you can contact us online.