Refinance My Mortgage Home Loan
Lower your payment, shorten your term, or turn home equity into cash — a licensed Michigan loan officer will show you what a refinance actually saves you.
What Does It Mean to Refinance Your Mortgage?
Refinancing replaces your current home loan with a new one — ideally with a lower rate, a shorter term, a more stable payment, or cash out of your equity. As a Michigan mortgage broker, Riverbank Finance shops your refinance across multiple wholesale lenders to find a competitive rate, and most of our programs carry zero lender fees. Want the full picture first? Download our mortgage refinance process guide (PDF) or call 800-555-2098.
Start Your Michigan Refinance Quote
Tell us about your current mortgage and goals and a licensed Michigan loan officer will follow up with your personalized refinance quote.
By clicking “Submit”, you consent to receive calls and texts at the number you provided, including marketing by autodialer and prerecorded and artificial voice, and email, from Riverbank Finance LLC about your inquiry and other home-related matters, but not as a condition of any purchase; this applies regardless of whether you check, or leave un-checked, any box above. You also agree to our Privacy Policy and Terms of Use regarding the information relating to you. Msg/data rates may apply. This consent applies even if you are on a corporate, state or national Do Not Call list. This no obligation inquiry does not constitute a mortgage application. To apply now or get immediate assistance, call us at 1-800-555-2098.
Benefits of Refinancing Your Mortgage
Every homeowner has different goals for their mortgage. Whether you want lower payments, a shorter payoff, or cash for a project, a refinance may be the right move. Tell a loan officer what you are trying to accomplish and we will map out the options that fit your numbers — and tell you honestly if staying in your current loan is the better choice.
- Lock in a fixed rate mortgage for predictable payments
- Lower your monthly home loan payment
- Consolidate high-interest debt into one loan
- Get cash out of your home's equity
- Shorten your term and pay off your home faster
- Remove private mortgage insurance (PMI) once you have enough equity
When Does Refinancing Make Sense?
A refinance is worth it when the savings outlast the costs. The key number is your break-even point: divide your total closing costs by your monthly savings to see how many months it takes to come out ahead. If you plan to stay in the home well past that point, refinancing is usually a smart move. Other good reasons don't depend on rate at all — dropping PMI, moving from an adjustable rate to a fixed rate, or consolidating debt at a lower rate than credit cards charge.
Popular Michigan Mortgage Refinance Options
Every financial situation is different, so we offer a full menu of refinance programs. These are the options Michigan homeowners choose most often:
30-Year Fixed Rate Refinance
A 30 year fixed mortgage spreads your balance over the longest standard term, which typically produces the lowest fixed monthly payment. Your principal-and-interest payment never changes, making it the most predictable option for long-term budgeting.
15-Year Fixed Rate Refinance
A 15 year fixed mortgage typically carries a lower rate than a 30-year loan and cuts your payoff time in half, dramatically reducing the total interest you pay. The trade-off is a higher monthly payment, so it fits homeowners with room in their budget.
Cash Out Refinance
A cash out refinance replaces your mortgage with a larger loan and pays you the difference at closing — generally up to 80% of your home's value on a conventional primary-residence loan. Homeowners use it to consolidate debt, fund home improvements, or cover major expenses. Prefer to leave your first mortgage untouched? Ask about a home equity loan or HELOC instead.
FHA Refinance & FHA Streamline
Already have an FHA loan? An FHA Streamline Refinance offers reduced documentation and usually no appraisal, provided the new loan gives you a net tangible benefit such as a lower payment. Homeowners with other loan types can also refinance into an FHA mortgage, which allows flexible credit guidelines and high loan-to-value rate-and-term refinancing.
VA Refinance for Michigan Veterans
Eligible veterans and service members with a VA loan can use the VA Interest Rate Reduction Refinance Loan (IRRRL), a streamlined refinance with limited documentation. Veterans refinancing out of a non-VA loan may also qualify for a VA cash-out refinance with no monthly mortgage insurance.
Adjustable Rate Mortgage (ARM) Refinance
An adjustable rate mortgage offers a fixed introductory rate that is typically lower than a comparable 30-year fixed rate, then adjusts on a schedule. It can fit homeowners who plan to sell or refinance again within the fixed period — but the future adjustment risk means it is not the right fit for everyone.
Jumbo Loan Refinance
If your loan balance is above the conforming loan limit ($832,750 in most areas), a jumbo loan refinance may be the right fit. We offer jumbo refinancing in both fixed-rate and ARM terms.
How the Refinance Process Works
Michigan Refinance Questions
How much does it cost to refinance?
Most of our programs carry zero lender fees, but third-party costs (appraisal, title, and county recording) still apply and are itemized in your Loan Estimate before you commit. Many homeowners roll closing costs into the new loan rather than paying out of pocket.
Whatever happened to the HARP refinance program?
HARP (the Home Affordable Refinance Program) ended on December 31, 2018. Homeowners who would have used HARP can typically use a standard conventional rate-and-term refinance today, and streamline options exist for FHA and VA loans. A loan officer can tell you which current program fits your situation.
Will refinancing hurt my credit?
Applying involves a credit inquiry, which may cause a small, temporary dip in your score. Credit scoring models treat multiple mortgage inquiries within a short shopping window as a single inquiry, so comparing offers won't compound the effect.
Do I need equity in my home to refinance?
It depends on the program. Cash-out refinances require meaningful equity, while rate-and-term programs allow much higher loan-to-value ratios — and FHA and VA streamline refinances often require no appraisal at all. A loan officer can review your options based on your current loan.
Ask a quick question
Submit your information now and a licensed residential loan officer will contact you within 24 hours. Need immediate assistance? Call us now at 800-555-2098!
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