Michigan Mortgage Refinance...

Why Refinance?

• Refinance to take advantage of lower mortgage rates and lower your monthly payment.
  If interest rates have gone down since you got your original mortgage, a mortgage refinance could save money over the life of your loan, while reducing your monthly mortgage payment.

• Refinance to switch Mortgage Types.
  You may want to switch from a variable/adjustable rate mortgage (ARM) to a fixed interest rate, or vice versa. If you have a balloon/reset mortgage, you must either pay the mortgage in full at the end of the 5- or 7- year term or refinance with a new mortgage.

• Refinance to Shorten Mortgage Terms.
  You may want to refinance to shorten the term of your loan. This would allow you to pay less interest over the life of the loan because the money is borrowed for a shorter period of time, and more quickly builds up equity in your home.

• Refinance get "Cash Out"
  Some lenders will let you borrow more money than the balance of your original mortgage, based on the equity you have in your home. A portion of the money left after the original mortgage is paid off goes to you to use for things like paying for a child's education or home remodeling. However, remember that you'll have a new mortgage, at a higher amount, that will eventually need to be paid off.

• Refinance to Consolidate Debt
  Same as a "cash out" refinance, you can payoff credit cards, auto loans or other lines of credit that have high rates of interest.  Consolidate all of your bills into one low tax deductible* payment with a debt consolidation mortgage refinance.

The Refinance Process

A mortgage refinance is very similar to getting the first mortgage on your current home. You should follow the same steps as when you obtained your original mortgage.

• Research mortgage products.
  Look at the different types of mortgages and compare each to find which refinance option works best for you.

• Work with a lender.
  Find a lender and know what lenders look at when evaluating mortgage applicants.

• Apply for a mortgage.
  Know the steps in the application process.

APPLY FOR YOUR MICHIGAN MORTGAGE REFINANCE LOAN NOW!

*Please consult your tax advisor.

Holly Financial, Inc. is fully licensed as a mortgage broker and mortgage lender in the state of Michigan.  Holly Financial, Inc. is an approved government loan lender with the State of Michigan.  Some content within is provided by Fannie Mae, Freddie Mac & HUD.