If you want to refinance the mortgage on your Sterling Heights, Michigan home but have unanswered questions or concerns, look no further than Gem Home Loans for expert assistance.
At 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 work as mortgage brokers and are partnered with dozens of investors to find you the best rates, costs, and programs.
Our specialists can help you explore a wide range of options. Through prequalification, we can quickly assess your credit based on your assets, debts, past credit use, and income, and tell you which refinancing choices are available.
What is a mortgage refinance?
A mortgage refinance is a new loan that pays off and replaces your old mortgage loan. You may want to do this to lower your current interest rate or monthly payment, to shorten or lengthen the duration of your loan, or to increase or reduce the loan amount.
What is the cost of refinancing?
Unfortunately, there are costs and fees associated with refinancing a mortgage. The lender will require you to pay closing costs that typically range from 3% to 6% of the loan amount. These costs include loan origination fees, appraisal fees, title insurance fees, credit report fees, and mortgage points. If the closing costs exceed your budget, some lenders will waive them in exchange for charging you a higher interest rate. The lender may also allow you to include the closing costs in the new loan balance, which will cost you more money over time.
Must I refinance with my current lender?
Absolutely not. There may be some advantages to working with your current lender. For example, they know your payment history and may waive some of the closing costs to keep you as a customer. However, we recommend letting the specialists at Gem Home Loans compare quotes with several other lenders to be sure you’re getting the best rate.
Can I refinance if I my credit score is low?
If your credit is less-than-perfect, there are many excellent loan options available through Gem Home Loans, including government programs. One of our mortgage specialists can help you determine whether or not you qualify for one of these programs.
Can I refinance if I have a second mortgage on my home?
Typically, your second mortgage would be paid off through the refinance and both loans would be consolidated into one new first mortgage. This means you would have just one mortgage payment each month. However, there are situations in which you may be able to refinance the first loan and keep your second mortgage intact. Gem Home Loans can help you determine if it’s the right solution for you.
How often can I refinance my mortgage?
You can refinance your mortgage as often as it makes financial sense, but the industry standard for a cash-out refinance is six months.
Gem Home Loans would be happy to see if a refinance of your mortgage in Sterling Heights, Michigan makes sense for you. Complete the form on our site or call us at (248)-318-2394 and one of our specialists will help guide you to a solution that best fits your goals. We look forward to working with you!