Nothing is more satisfying than successfully refinancing a mortgage to lower the monthly payments on your home in Troy, Michigan. The usual process can be slow and overwhelming, but Gem Home Loans can help.

Gem Home Loans, headquartered in Rochester Hills, MI, offers a variety of lending products and is 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.

Refinance Mortgage Troy, MichiganAs experienced brokers, we manage the entire rate-shopping and loan application process for you. Many potential borrowers get one mortgage quote from a bank and accept it without shopping around.

Even a small difference in mortgage interest rates can save you thousands of dollars over the duration of the loan, so it’s well worth it to shop around. In the case of mortgage applications, they can be long and time-consuming. Gem Home Loans will do the legwork for you.

Reasons to Consider Refinancing

There are many reasons that homeowners decide to refinance. Here are a few of the most common:

Reduce your monthly payment. Refinancing your mortgage at a lower interest rate could reduce your monthly payment and help you save tens of thousands of dollars in interest. For millions of Americans who struggle to meet their monthly payments, locking in a lower monthly payment can be extremely helpful to the overall financial health of a household.

Lower your interest rate. If your home was financed at a higher interest rate than those available today, you may be able to save tens of thousands of dollars in interest over the life of the loan by refinancing.

Shorten the length of your mortgage.  With interest rates at record lows, consider refinancing your 30-year mortgage to a shorter term, such as 15 years. The payment may not be much more than your current payment, if at all, and you will be able to build equity in your home much faster.

Eliminate a second mortgage. If you have a first mortgage and a home equity loan, consolidate your debts by combining them into one fixed-rate mortgage with one predictable payment every month.

Change from an adjustable rate mortgage to a fixed rate loan. If you have an ARM (adjustable rate mortgage) then your mortgage payments fluctuate every month. To eliminate the uncertainty, you can refinance your mortgage to a fixed mortgage and lock in a fixed payment throughout the life of your loan.

Cash out equity. Many homeowners refinance their homes to cash out some of their equity for major expenses like buying a car, paying for a wedding, or financing an education. If you’re starting a new business or want to buy more property, refinancing often makes good sense.

If you are looking to refinance the mortgage on your home in Troy, Michigan, get in touch with Gem Home Loans at (248)-318-2394 or contact us online to discuss your loan options with one of our experts. We would love to help you find a home mortgage that’s right for you!