Refinance A Mortgage

You may be wondering if refinancing your mortgage is right for you. Below is a quick guide for home owners interested in lowering their mortgage payments and refinancing their home loans. 

Can't wait to get started on refinancing your mortgage? Pre-qualify for a refinanced home loan now!


When Refinancing Is Right for You

While refinancing your mortgage may seem like a great opportunity for you to lower your monthly mortgage payments and reduce your debt, make sure to use a mortgage calculator and calculate if refinancing your mortgage will actually save you in the long run.

Refinancing your mortgage should be done to reduce your interest rate, shorten your term, or consolidate any revolving debt.

Note: By refinancing your existing loan, your total finance charges may be higher over the life of the loan.

Refinancing your mortgage may be right for you if:

Refinancing your mortgage may NOT be right for you if:

How To Refinance your Mortgage

When refinancing your mortgage, you can choose to take cash out, or refinance the remaining amount on the loan. It's a good idea to call us at (616) 805-5807 or email us at Lake State Mortgage in Grand Rapids, Michigan so we can give you a FREE Refinance Analysis to make sure it’s the right move for you.

Before you start the refinancing process, review your current situation to determine if you would quality for a refinanced home loan. Consider your income, employment history, credit score and other loan qualifiers, as these will apply on refinancing loans as they do for first time home buyers.

As you begin the refinance process, make sure to collect important documents that will be needed for home loan refinancing such as information about your current home loan, income statements, tax and property information, and homeowners insurance rates.


Refinancing Fees

With most home loans, any costs incurred for your refinance can simply be rolled into the new loan.  We will keep any refinancing costs to a minimum and will go over them in person so there are not any surprises at closing. 


Mortgage Calculators for Refinancing

Using a mortgage calculator will help you determine if refinancing your mortgage is right for you. In some cases, refinancing will save you money on your monthly payments AND the life of the loan.

Use our Refinancing Mortgage Calculator now!

Want to learn about mortgage rates for refinancing, or determine if refinancing your mortgage is right for you? Contact us today!

Note: By refinancing your existing loan, your total finance charges may be higher over the life of the loan. Always consult with a tax advisor concerning tax implications of your mortgage.

Choose Where to Start

Get Pre-Approved
Refinance
Lake State Mortgage 5500 Northland Dr NE, Grand Rapids, Michigan, 49525
This is a 1x1 transparent image tracking traffic