Refinance Mortgage Rochester, Michigan

Most types of mortgages in Rochester and elsewhere in Michigan can be refinanced, including FHA mortgages and VA mortgages. If you are looking for great rates and flexibility, Gem Home Loans can assist you in choosing a loan that meets your unique needs.

Gem Home Loans is a client-focused lender that prefers working one-on-one with clients in building custom financial solutions. Our experienced professionals understand Michigan and the local housing market. The person you contact will be the same person you work with throughout the completion of the home financing process.

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.

About Mortgage Refinancing

Refinancing replaces your current mortgage loan with a new mortgage loan, often with a lower interest rate. This can have a big effect on your monthly payments, but each time you refinance your mortgage, you will add more principal to the end of the loan and extend its term. Gem Home Loans can help you decide if refinancing makes financial sense for you and your family.

If your main motivation for refinancing is to reduce your monthly payment, your credit score will play a significant role. Generally, higher credit scores correlate to lower interest rates. If you have a low credit score, take advantage of opportunities to improve your credit rating before beginning the refinancing process.

Another key factor to understand is that you will pay mortgage points, also called discount points, to the lender in exchange for a lower interest rate.  One point equals 1% of the loan amount (or $1,000 for every $100,000 you borrow).

Before you decide to proceed with refinancing, it’s important to do the math and determine when you will start saving money. If your existing interest rate is relatively low, refinancing might not produce significant savings once the refinancing costs are factored in. Take the total amount you expect to save each month and divide it into the total closing costs (which includes points and other fees). If, for example, closing costs will be $4,000 and you plan to save $200 a month, it will take 20 months before you recoup the closing costs and start saving money.

Popular Reasons for Refinancing

• Save thousands by lowering your mortgage interest rate and lowering your monthly payments over the life of the loan.
• Shorten the term of your mortgage by choosing a 15-year fixed rate loan to reduce debt more quickly!
• Combine your first and second home mortgages into a single loan to reduce your payment.
• Convert your adjustable-rate loan (ARM) into a fixed-rate loan for more budget-friendly payments.
• Withdraw some of the equity you’ve built up in your home to reduce your debts, travel, make home renovations, or pay for college.

If you have questions about refinancing the mortgage on your Rochester, Michigan residence, contact Gem Home Loans online or call us at (248)-318-2394. We work as mortgage brokers and are partnered with dozens of investors to find you the best rate, costs, and programs.