Should you refinance your mortgage in Plymouth, Michigan? Millions of Americans are asking themselves this question as interest rates hover at all-time lows. The Gem Home Loans team can help you take advantage of these low interest rates and lock in a lower monthly payment on your mortgage.

Refinance Mortgage Plymouth, MichiganAt 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.

Our goal is to fully understand your family’s needs and find you the best available home loan for your new home, second home, or investment property.

We have access to a wide range of mortgage products from lenders such as banks, credit unions, and non-traditional lenders.  We are not limited by geography and will tap local and statewide lenders. We also use local appraisers and underwriters, which means you will enjoy accelerated loan processing.

What is the Purpose of Refinancing?

There are many reasons homeowners decide to refinance. Some do it to take advantage of lower interest rates and reduce their monthly payment. Others want to convert an adjustable rate mortgage (ARM) to a fixed rate mortgage. If you have built up enough equity in your home, you may also choose a cash-out refinance and borrow cash from your equity to reduce other debts, take a long-awaited vacation, or renovate your home.

How to Get the Lowest Rate

Many different types of mortgages can be refinanced, including fixed-rate or adjustable-rate mortgages (ARMs), FHA mortgages, and VA home loans. By refinancing your mortgage, you may be able to save thousands of dollars per year in mortgage payments and more than that in interest paid over the life of the loan. But, how can you be sure to get the best rate?

  • Know your FICO score: Most mortgage refinance lenders will focus on your credit score when they evaluate your application. Run your report and find out whether you have an excellent, good, fair, or poor credit score. The answer will affect the interest rate for which you qualify.
  • Fix any credit errors on your report: In addition to your credit score, scrutinize the report and look for errors or mistakes. Tell the credit reporting company, in writing, about any information you think is inaccurate, especially with regard to incorrect payment history or credit accounts that don’t belong to you. If your credit remains less-than-perfect, Gem Home Loans still provides many excellent loan options.
  • Research different lenders: As your mortgage broker, Gem Home Loans will manage this process for you by applying for loans with different lenders on your behalf, finding competitive interest rates, and negotiating loan terms.
  • Compare offers on an apples-to-apples basis: As you compare the various mortgage refinance offers, be sure to compare them on an apples-to-apples basis, including everything from closing costs to interest rate to repayment term (e.g., 15 years, 30 years, etc.). This is the only way to find the best deal.

If you are interested in refinancing the mortgage on your home in Plymouth, Michigan, Gem Home Loans can provide you with diverse options with a wide range of terms and rates that can be customized to suit your budget. Get in touch with Gem Home Loans at (248)-318-2394 or contact us online to discuss your plans.