Mortgage Refinance
A mortgage refinance may be the right choice for you if you want to change the terms or interest rate on your current mortgage loan or get cash back from your home’s value. Refinancing your mortgage with Direct Financial may also be an ideal way to use the equity in a primary home in efforts to invest in a secondary vacation or seasonal home in Michigan.
Our local loan officers can help you refinance your existing home through a simple application and approval process. We can even assist those currently under a jumbo mortgage who find themselves short of the payoff amount at the end of the agreed term. Our options include refinancing FHA loans and VA loans with low or no down payment terms with flexible underwriting and credit guidelines, in addition to other programs that may suit your needs.
From using a mortgage refinance option to get cash in your pocket, reset your current terms or to invest in second or seasonal residential properties, Direct Financial is your Greater Metro Detroit area neighborhood lender. We have experienced Michigan-based loan officers that provide high levels of member satisfaction.
Complete an easy online application to explore our underwriting and servicing options, lock in low interest rates, and attend some of our free home buying and refinancing seminars. There, you can find out more about Direct Financials home mortgage refinancing options, determine if it’s the right time for you to do so, and more about how the process works.
Complete an easy online application to explore our local underwriting and servicing options, lock in low interest rates, and attend some of our free home buying and refinancing seminars. There, you can find out more about Direct Financials home mortgage refinancing options, determine if it’s the right time for you to do so, and more about how the process works.
Primary goals of mortgage refinance
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Obtain lower interest rates
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Shorten the term of your mortgage
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Convert from an adjustable-rate mortgage to a fixed-rate loan or vice versa
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Tap into home equity for cash funds to handle emergencies, consolidate debt, or make home improvements.
Should I Refinance My Mortgage
Refinancing a mortgage means paying off an existing loan with the intent of replacing it with an updated one.
Refinancing to obtain a lower interest rate is the best reason to move forward with such plans, especially when rates drop in the current market. This in and of itself can shorten the term of your loan and reduce interest payments throughout the life of the loan.
Refinancing to utilize the equity in your home gives you flexibility with the proceeds. You can consolidate your debt and have one monthly payment, or you can use the cash to do home improvements or put additions on your home, like kitchen renovations or a new garage.
How Do I Refinance My Mortgage with Direct Financial?
Refinancing your current home loan with Direct Financial is easy. We make the process seamless while our mortgage team works with you to make sure you get the right loan for your needs. The loan officer will collect your initial information and give you a list of documents needed to proceed.
The underwriting process after application submission lets our loan officers verify your financial information. This includes income, debts, credit history, property details, home value and other factors that can help narrow down the refinancing options that are best suited to your situation and needs. Be prepared to show any improvements, tax records, current employment, and the payment history on the property to move the process along quickly.
If you are attempting to take cash out through refinancing, the home value will ultimately determine how much cash you will qualify to get. After an appraisal, we can proceed with closing on your new loan, and our mortgage team will send you a closing disclosure on the new terms, regardless of the mortgage refinance package you choose.
MyChoice Mortgage
Pick Your Rate and Term!
We don’t choose the terms of your loan, you do! Just pick the interest rate or the loan term that works best for you. That’s your MyChoice Mortgage!