Mortgage Refinansing Help

Mortgage Refinancing Help: Michigan

“Weigh the costs carefully of how long you will be staying in your home vs. how much of a savings you will be getting in a refinance. Make sure you include closing costs in your decision. ”

Mortgage Refinancing Help : Business: Financial Services: Banking Services: Banks and Institutions: Regional: North America: United States : Michigan (23)

Pull your credit report from the bureaus and review it for any negative items (late pays, collections etc) and inaccurate detail. Try to dispute negative items and remove them from the report. If required pay off any unpaid debt. Otherwise, you won't get a low rate and may not even qualify. Of course there are lenders in the subprime market who may offer you a bad credit refinance loan, but it's better to avoid them as they'll possible charge higher rates and fees.

See also:

The State Bank »
Serves consumers and businesses in Genesee and Livingston Counties with offices in Holly, Linden and Davison, Michigan.

Bank of Ann Arbor »
Local community bank offering personal and commercial banking services to the residents of Ann Arbor, Michigan.

Chelsea State Bank »
A community bank providing personal and business banking in southern lower Michigan.

Chemical Financial Corporation »
The holding company for Chemical Bank, providing banking and financial services in Michigan's lower peninsula.

University Bank »
A full service community bank serving the residents of Ann Arbor, Michigan.

Baybank »
Community bank offers banking services in Escanaba and Gladstone, Michigan.

Alden State Bank »
Local bank headquartered in Alden, Michigan, with branches in Bellaire and Elk Rapids.

Union Bank »
Provides financial services from branch offices throughout Michigan.

Northern Michigan Bank »
Financial institution offering banking services to the Central Upper Peninsula of Michigan.

Sterling Bank and Trust, FSB »
Community bank offering online banking and bill pay, competitive CD and mortgage rates. Southfield.

Bank of Northern Michigan »
Provides online banking and other banking services.

ChoiceOne »
Regional bank provides retail and commercial banking and investment services to Sparta, Grand Rapids, Walker, and Cedar Springs, Michigan.

County National Bank »
A local bank offering a wide variety of banking services to the community of Hillsdale, Michigan.

First Federal Alpena »
Provides consumer and commercial banking from eight offices throughout Michigan.

Community State Bank of Michigan »
Community state bank serving the communities of St. Charles, Thomas Township, and Chesaning.

The State Savings Bank »
Independent bank located in Manistique in the Upper Peninsula of Michigan.

United Bank of Michigan »
A locally-owned and operated bank serving the financial needs of small businesses and citizens in Western Michigan.

Bank of Holland »
Provides banking and financial services in Holland.

Wolverine Bank »
Community bank offering consumer and business banking services.

Peoples State Bank »
Commercial bank offering a full array of banking services in Southeast Michigan.

Citizens Bank »
FDIC insured bank offers small business and commercial banking services, and online account opening of CDs, checking and savings accounts.

Franklin Bank »
Provides services to small and medium sized businesses in Metropolitan Detroit.

First State Bank »
An independent community bank serving Macomb County, Michigan.

If you want to make sure the interest rate your lender offers you is the rate you get when you close the loan, ask about a mortgage lock-in (also called a rate lock or rate commitment). Any lock-in promise should be in writing. Make sure your lender explains any costs or obligations before you sign.

Ask for the reissue rate on your title work. If you've taken a mortgage within the past two years, or are using the same lender, you might be granted this option, which can save you as much as 70 percent on your title work. An editor at this magazine didn't know about this potential savings when he refinanced his mortgage; fortunately his lawyer did. The savings more than covered the attorney's fees. However, if it's been several years since you took out a home loan, or if you're using a new lender, you'll likely have to pay for a new title.

For both new buyers and refinancers, it's important to understand what a no-cost mortgage loan or a no-cost refinance loan really means. "No cost" does not mean that closing costs (also known as settlement costs) have been erased. It means that the closing costs will be factored into the interest rate associated with the loan. Of course, this also means that, all other things being equal, the interest rate associated with a no-cost mortgage will always be higher than one where the borrower pays the closing costs up front.

Once you know the reason for refinancing, you should ask your mortgage specialist whether or not it would be beneficial for you to refinance at this time or whether it may be more beneficial to wait.