Your mortgage should
work as hard as you do.
Refinancing is not always about chasing a lower rate. Sometimes it is about accessing equity, removing mortgage insurance, getting out of an adjustable or balloon loan, or untangling a property in a divorce. Every situation is different. Here is every option.
A refinance replaces your existing mortgage with a new one -- different rate, different term, different structure, or a combination. Whether refinancing makes sense depends on your current rate, your remaining loan balance, your closing costs, and how long you plan to stay in the home. The math either works or it does not. Kirby and Angie run the numbers honestly and tell you the truth -- including when a refinance does not make sense right now.
What is your reason to refinance?
Six different reasons to refinance. Six different conversations. Find the one that matches your situation and go deeper.
Access My Equity
Turn home equity into cash for improvements, debt payoff, or investment
📉Lower My Rate or Payment
Drop my rate, shorten my term, or remove mortgage insurance
🔒Lock In a Fixed Rate
Get out of an adjustable rate before it adjusts higher
⏰Pay Off a Balloon Loan
My balloon payment is coming due and I need to refinance out
📊I'm at 7% or Higher
Evaluate my options and know exactly when refinancing makes sense
⚖️Divorce or Separation
Remove a spouse from the mortgage or divide property fairly
Every refinance program we offer.
Each situation calls for a different approach. Here is what is available and when each one makes the most sense.
Cash-Out Refinance
Replace your existing mortgage with a larger loan and receive the difference in cash. Convert home equity into usable funds at mortgage rates -- significantly lower than personal loans or credit cards. Available on conventional, FHA, and VA loans. Max 80% LTV for most programs, 100% for VA.
Learn More →Rate and Term Refinance
The classic refinance. Lower your interest rate, shorten your loan term, or both -- without taking cash out. Also used to remove FHA mortgage insurance by refinancing into conventional once you have sufficient equity. Break-even calculation determines whether it makes financial sense.
Learn More →ARM to Fixed Refinance
If your adjustable-rate mortgage is approaching its first adjustment date, refinancing into a fixed rate locks your payment permanently and eliminates annual rate uncertainty. The right time to move is 60 to 90 days before the adjustment date -- not after.
Learn More →Balloon Mortgage Refinance
When your balloon payment comes due, most Michigan homeowners refinance into a standard amortizing loan rather than paying the lump sum. Start the process 90 to 120 days before the due date -- not 30 days. The consequences of missing the date are serious.
Learn More →High-Rate Mortgage Refinance
Bought or refinanced at 7% or higher? You are not stuck -- you are waiting. Know your break-even rate, sign up for rate alerts, and be positioned to move decisively when the math works. This is a strategy, not a product.
Learn More →Divorce Refinance
When a marriage ends and a home is involved, the mortgage has to be resolved. Refinancing removes one spouse from the loan and transfers full ownership and obligation to the remaining party. Angie works with divorcing clients and the professionals who support them. Planning early matters.
Learn More →The Number Every Refinance Comes Down To
Before committing to any refinance, every Michigan homeowner should understand their break-even point -- the month at which your monthly savings exceed what you spent on closing costs. It is the single most honest way to evaluate whether a refi makes sense right now.
Calculate Monthly Savings
The difference between your current payment and your new estimated payment after the refinance.
Total Your Closing Costs
Typically 2-3% of the loan amount. We give you an exact estimate before you decide anything.
Divide and Decide
Closing costs divided by monthly savings equals your break-even month. Stay past that point and the refinance pays off.
If your break-even is 18 months and you plan to stay in the home for 10 more years, the refinance makes clear financial sense. If your break-even is 54 months and you are not sure you will still be there in 5 years, the math is murkier. We run this calculation for every client before recommending moving forward.
When refinancing makes sense -- and when it does not.
Refinancing is not always the right move. Here is a straightforward look at both sides.
Refinancing Makes Sense When...
- Your new rate is at least 0.5-1% lower than your current rate
- You plan to stay in the home past your break-even point
- You want to remove FHA mortgage insurance and have 20%+ equity
- You have an adjustable rate and want payment certainty
- You have a balloon due and need to extend the term
- You need cash for a high-value purpose and equity is available
- A divorce requires removing a co-borrower from the loan
Pause Before Refinancing When...
- You are planning to sell within the next 1-2 years
- Your break-even point is longer than your planned stay
- Your credit has declined significantly since the original loan
- Closing costs would consume most of the benefit
- You are far into a 30-year loan and restarting the clock costs more in interest than you save
- You are taking cash out to fund depreciating purchases
How a refinance works from start to close.
Most Michigan refinances close in 20 to 30 days. Here is what that looks like.
Run the Numbers First
We calculate your break-even point, estimate closing costs, and confirm the refinance makes financial sense before you spend a dollar. No obligation at this stage.
Application and Documentation
Standard income verification, credit pull, and current mortgage statement. We collect what is needed and move efficiently.
Appraisal
Most refinances require an appraisal to confirm current market value. Some VA and FHA streamline options may not require a full appraisal. We order it immediately after application to keep the timeline moving.
Underwriting
Your file goes through underwriting. We manage any conditions that come up and keep you informed at every step.
Close and Fund
You sign at closing. The three-day right of rescission period passes on primary residence refinances. The new loan funds, your old loan is paid off, and your new payment begins the following month.
Not sure if a refinance makes sense right now?
That is the most common question we get. Fill out the refinance review form and we will run your numbers honestly -- including telling you if the math does not work yet.
Kirby and Angie Mortgage Loan Team | Union Home Mortgage | NMLS #2229229 | Angie Anderson NMLS #1999286 | Kirby Slocum NMLS #680817 | Licensed in Michigan, Ohio, and Indiana | Equal Housing Lender. All refinance transactions subject to credit approval, underwriting review, appraisal, and program eligibility. Refinancing an existing loan may result in higher total finance charges over the life of the loan. Break-even calculations are estimates only and do not constitute a loan commitment. Information provided is for educational purposes only.
