Refinance Mortgage Royal Oak, Michigan

When you refinance your mortgage. you may be able to achieve a better interest rate and lower your monthly payments. If you own a home in Royal Oak or elsewhere in Michigan, Gem Home Loans can help you refinance.

Headquartered in Rochester Hills, MI, Gem Home Loans 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.

If you are looking for personalized attention and customer service that results in a smooth loan process and consults with you on options for your home financing, Gem Home Loans is your lender for life.

What is Refinancing?

Refinancing a mortgage creates an entirely new mortgage loan that replaces the old loan with a new (and often lower) interest rate and a new monthly payment.

There are many reasons homeowners decide to refinance. Some want to take advantage of lower interest rates and a lower monthly loan payment. Others do it 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 do a cash-out refinance and borrow cash from your equity to reduce other debts, take a long-awaited vacation, or renovate your home.

The benefits of taking the refinancing plunge include:

• Reductions in interest and monthly payments can save you thousands over the length of the new loan.
• You could choose a shorter mortgage length and pay the house off sooner.
• Combine your first and second mortgages into a single loan and reduce the overall payment amount.
• Change from an adjustable rate to a fixed rate mortgage to lock in a lower interest rate for the life of the loan.
• Use equity in your home to make home repairs, take trips, pay for college, etc.

Most mortgages can be refinanced, including FHA mortgages and VA mortgages. If you want more flexibility, Gem Home Loans can help you choose a loan that meets your unique needs.

Things to Consider

If your primary goal is to decrease your monthly mortgage payments, your credit score will play a significant role when you refinance. Generally, higher credit scores result in lower interest rates and lower monthly payments. If you have a low credit score, take advantage of opportunities to repair your credit rating before you begin the refinancing process.

If you would like to reduce the interest rate you are currently paying on your home loan, consider refinancing it for a shorter duration. Refinancing a 30-year fixed rate loan to another 30-year fixed rate loan will extend your debt for a longer period and won’t reduce your interest payments significantly.

On the other hand, decide if you can handle higher monthly payments. If so, you may want to consider a 15-year fixed rate loan to lower the interest rate and reduce the interest you would otherwise pay over the life of your 30-year mortgage.

Gem Home Loans would be happy to help you refinance your mortgage in Royal Oak, Michigan. Complete the form on our site or call us at (248)-318-2394 and one of our specialists will guide you to a solution that best fits your goals. We look forward to working with you!