Finding the best refinance rates in Michigan isn’t hard when you work with Gem Home Loans. We have a team of experts who can find you a rate that will be a great fit with your budget. But we go beyond just helping clients find great rates. We will also help you determine if refinancing is right for you to start with. We’ll take into consideration your financial goals and other long-term plans to help you decide whether or not to refinance, and, if you choose to do so, when to do it.

When is it Right to Refinance?

Refinance Rates MichiganOnce you decide how long you want to remain in your house, and you have a good idea of your other long-term plans, you might decide that you want to refinance. This may especially be the case if you see that mortgage rates are far lower than what you’re paying for your original loan.

But there are other reasons people choose to refinance. These include the following.

  • You’re thinking of taking cash out of the equity you already have in your home, so you’re considering a cash-out refinance.
  • You want a shorter-term mortgage so you can pay your home off faster.
  • You’ve built up enough equity so that you can refinance to get another loan without having to pay mortgage insurance.

These just scratch the surface of the many, many reasons people choose to refinance a home. Whatever your reason may be, we’ll be ready to work with you at Gem Home Loans.

Finding the Best Mortgage Rate

You might assume that when short-term interest rates go down, mortgage rates will automatically go down as well. But that’s not always the case. Don’t put too much focus on any low mortgage rates you might see advertised, or you may read about. When it comes to refinancing, rates can change by the day – in fact, they can change by the hour. If you’re quoted a rate, you need to remember that it could be higher or lower than the rate you might have seen earlier that morning.

One of the best ways to get a really good rate is to have a really good credit score. If you do, and you can provide proof that you have a steady source of income, than the chances are good that you’ll find an excellent rate.

Another think you might be considering is how much of a mortgage rate drop it will take in order for refinancing makes sense. The rule of thumb used to be that if the current rate was one percent lower than your original rate, you should refinance. However, for your specific situation, a drop of as little as a half-point might make refinancing worth it.

The best way to make the best choice is to talk to a professional with Gem Home Loans. We can tell you what the costs of refinancing may be, and whether or not you’d face some sort of penalty for paying off your original loan early. In short, we’ll make sure we cover all the important points you might not have previously considered.

Contact Gem Home Loans

Get in touch with Gem Home Loans to learn more about refinance rates in Michigan or the services we offer. Call 248-780-0601 or contact us online for more information.