Tips for Getting the Best Terms on Your Home Loan Refinance

Don’t Apply For a Home Loan Refinance Until You’ve Read These Tips…

Taking out a home loan refinance may the one of the most important steps you can do in your life as a homeowner. Managed correctly, a refinance can ease the need for cash and help you get your finances back into shape. But if you aren’t careful, a refinance can mean a period of financial burden for you and your family. You could take better control by ensuring that the refinance is handled by a proven expert and that you get the best terms possible.

Here Are Some Quick Tips To Help You Get a Low Rate Refinance:

  1. Take care of your credit. Your credit score is the single biggest indicator of your habits as a consumer and a gauge by which your reliability as a borrower will be judged. If your credit score is high, the lender will see that you are quite capable of meeting your obligations and pose a lower risk as a borrower. As such, the lender will more likely offer you a refinance with a lower interest rate. Conversely, a low credit rating will tag you as a high-risk borrower, particularly if you show a spotty credit history. The less risk you pose for the lender, the better home loan refinance terms you’ll get.
  2. Keep your payments regular. If you’re still in the planning stages of refinancing, get your credit in shape months before you apply. A record of regular, on-time payments will give you a better leverage to negotiate better terms for your home loan refinance.
  3. Show your capability to pay. A refinance will basically get you a loan on top of an existing loan. A lender will want to know how you will be able to pay back this new loan, which means they will likely demand proof of your earning capacity. Before applying for a refinance, prepare copies of documents that show your income, such as paycheck stubs, income tax returns, receipts and W2 forms. Without documentation, the lender will not be able to offer a detailed and accurate refinance proposal.
  4. Check out your options when it comes to a home loan refinance. Never settle for just one or two options and always seek out the best home loan refinance rates from 3 to 5 lenders so you can compare. Ask for quotes that include the interest rate, prepayment penalties and closing costs, among others. Information such as this will help you determine which refinance offer is the best choice for you.

The Lowest Rate Isn’t Always The Best Deal When Refinancing Your Home

Don’t focus just on the new rate since this doesn’t paint an exact picture of the deal. Look at the long-term effect of the loan. Don’t be afraid to ask questions from your lender, particularly about the figures on your new refinance terms. The more you understand the financial impact of a home loan refinance, the better you can make an informed decision.

Cheryl S
Cheryl S
05/01/2024
Jason was phenomenal to work with during my mortgage process. He guided me with ease from beginning to end . He had patience when I had questions and explained everything so clearly. I am thankful to Jason and the entire team for making this a pretty stressful free experience!! New Year, New Home! Thanks Jason!!
miss renee
miss renee
03/01/2024
Trevor was very knowledgeable and his expertise was Super helpful in putting me in the right direction!
Jillian Mitchell
Jillian Mitchell
17/11/2023
Great experience all around. Jason, Trevor and Yolanda are a great team and always are reassuring and helpful.
Reel Champs
Reel Champs
23/10/2023
Jason and the Michigan Mortgage solutions team was amazing. I ran to them out of desperation because I had a terrible experience with a bigger mortgage company. It was the best decision of my life and Jason worked with me seamlessly and got my family into our dream house in less than 45 days. Highly recommend them as your FIRST STOP, you won’t regret it.
Michael Cordell
Michael Cordell
17/10/2023
I had a wonderful experience. The communication at every step along the process was exceptional. My contact went above and beyond and answered my questions at all times. Thank you,
Sanya Ross
Sanya Ross
29/09/2023
Jason was knowledgeable and always available. Made me feel at ease with such a huge purchase, I asked tons of questions and he never made me feel like it was a problem. I appreciate everything he did to make my first home purchase a success and I will refer all my friends and family to Michigan mortgage solutions!! Thank you again!
Jack Condrige
Jack Condrige
26/09/2023
Great experience. Very personal service.
Kyla Wilberding
Kyla Wilberding
20/09/2023
Can't say enough good things about Jason and his team. They made my first home buying experience quick, easy, and stress free. They communicated flawlessly and explained every step of the process, would recommend to anyone! Closed on my house in less than a month.
Tony Pliva
Tony Pliva
25/08/2023
Worked with Jason and his team for about a year before we found a home we wanted. The whole process was smooth and easy. Definitely recommend to anyone getting a mortgage!
Michigan Mortgage Solutions

Michigan Mortgage Solutions

Michigan Mortgage Solutions offers a variety of mortgage programs to suit your needs. FHA Loans, Conventional Loans and VA loans are just some examples. For experienced homeowners looking for cash out or refinancing options there is help available as well with the offer of an FHA streamline loan option that can be completed in 10 days! Michigan Mortgage Solution has something to offer every customer; whether you’re a first time home buyer or seasoned veteran our team will find the right Michigan mortgage solution for you!

Home Loans Services

Call Us