Mortgage Rates Birmingham, Michigan

When mortgage rates in Birmingham, Michigan go down, people’s thoughts often turn to refinancing their homes. There are a lot of benefits to doing this, but you need to have all the information you can get before deciding whether this is truly the best choice. Gem Home Loans can help. We have a team of experience professionals who can help you decide.

How We Work

At Gem Home Loans, we keep all of our focus on our clients, not our profits. We will work with you one-on-one to help you find the financial solution that is best for your needs. Even if you have less-than-great credit, you’re self-employed, or you have other so-called “strikes” against you, there’s a very good chance we’ll still be able to find you a great refinancing option.

We are intimately familiar with the Birmingham housing market, as well as the market in the rest of the state. When you turn to us, you’ll be working with the same person from beginning to end – and that person will be accessible. If you have any questions whatsoever, we’ll be here to answer them.

Gem Home Loans has relationships with not only traditional lenders, such as credit unions and banks, but scores of non-traditional lenders as well. Since we have such a vast network, we have the resources to find you deals you might not get through other brokers. We’ll find the best offers available, and then negotiate for you.

For example, one offer might not include something that a competitor is offering. We have the negotiating skill to convince that lender to make an adjustment that will be to your advantage.

Refinancing 101

Whether you’ve been through it before or you’re completely new to the experience, there’s probably a lot you’re not aware of in regard to refinancing. It basically means changing your existing mortgage for a new one. This new mortgage will come with a lower interest rate, which means lower monthly payments. Your old mortgage is then paid off.

There are two main kinds of refinancing – rate and term and cash-out. Here’s a quick look at each.

• Rate and term – This type of refinancing can change either the (interest) rate or term, or both the rate and the term, or your mortgage. These changes, of course, will make the mortgage more favorable. It will also maintain the original amount of principal that remains. You may have also heard this referred to as “regular refinancing.”

• Cash-out – A cash-out refinancing program is pretty close to a home equity loan. You’re basically borrowing against the equity you’ve already built. You’re borrowing money while refinancing the mortgage. It doesn’t matter how you use the money – you can pay for your child’s college, make renovations to your home, or even start your own company.
  

Either way, there are some significant advantages to a home refinance. You could, for example, change from a 30-year loan to a 15-year loan. You’ll pay more each month, but you’ll pay off your home much faster. Or, if you’re tired of fluctuating monthly payments, you could switch from an adjustable-rate mortgage to a fixed-rate mortgage.

Please get in touch with Gem Home Loans to learn more about refinancing, as well as mortgage rates in Birmingham, Michigan. You can call (248) 780-0601 or contact us online.