Farmington, MI Mortgage Refinance in Michigan
We make it easy to get the lowest mortgage refinance interest rate in Farmington, MI.
Our loan specialists can customize a loan that is perfect for your needs. In no time at all, Farmington, MI residents can be on the way to a lower interest rate, a lower monthly payment, or switching from an adjustable rate mortgage to a fixed rate mortgage.
When Should I Refinance?
The best time to refinance is when interest rates in Farmington, Michigan drop below the rate of your current mortgage. With a lower interest rate, you'll save money on your mortgage payment every month. Be sure to read our article titled Reasons to Refinance Now.
Turn Your Adjustable Rate into a Fixed Rate
With adjustable rates on the rise Farmington, MI residents can benefit greatly from refinancing your home for a low fixed rate. These benefits include a lower monthly mortgage payment, and the security of knowing your mortgage payment won't increase.
Cash-Out Refinancing
Using the equity in your home, you can refinance your mortgage for a higher amount than your current principal balance and receive the extra funds as cash. You can use this money however you would like, including, remodeling your home, paying off high-interest rate credit cards, paying off student loans, or consolidating all your debt. How much cash out you can receive by refinancing depends largely upon the principal balance remaining on your mortgage and the amount of equity in your home.
Eliminate PMI
Private Mortgage Insurance is usually required if your downpayment on your home was less than 20 percent. If your home equity has increased since your purchase, you may have enough equity to elimate that PMI payment by refinancing your mortgage.
Save Thousands in Interest
When you refinance your home you can decide to switch your mortgage to a shorter term, such as 10, 15, or 20 years. Depending on how much lower the refinance rate is, you will likely pay more per month for this shorter term home loan. However, in the long-term you are saving thousands in interest. And because more of your monthly mortgage payment goes towards the principal, your home equity will increase much quicker.
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Mortgage Refinance Calculators
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Refinance Articles
Reasons to Refinance Now Beat the Subprime Mortgage Crisis Return to mortgage refinance in the state of MI
| Farmington, Michigan News |
Shoppers set for Cyber Monday
So forget standing in line at daybreak like lots of folks did on Black Friday. Today it's Cyber Monday, when shoppers leisurely do their buying with a click of the mouse instead of leaving the house.
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Farmington Hills man killed trying to save wife
Hong Kong native David Shu-Kin Kwok worked hard to provide a life for his wife and infant daughter in America.
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'An excellent leader'
Farmington Public Safety Cmdr. Maria Putt remembers that it was the opportunity of a lifetime when she was recruited as a rookie in the Farmington Public Safety Department.
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Woman pleads guilty to embezzling from Scouts
A Farmington Hills Cub Scout treasurer likely will have to perform community service after pleading guilty to stealing more than $7,000 from the pack.
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Corey Bartsch named Hills fire chief
There's a new chief in town. Farmington Hills Fire Department Deputy Chief Corey Bartsch was named fire chief Monday night, replacing outgoing Chief Richard Marinucci.
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Girls in metro Farmington get a power boost
Shreya Raman, 12, said she's learning that it's good to be a girl. And she's made several new friends, who talk about their favorite things -- like the popular "Twilight" series by Stephenie Meyer.
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Two teens arrested in string of larcenies from cars
A good eye and even better cooperation led to the arrest of two teens who are suspected of stealing items out of cars in Farmington and Farmington Hills.
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Progress, challenges of SMART bus system discussed
A couple of years have passed since Farmington Hills officials demanded better communication, efficient operations, improved routes and better customer service from the taxpayer-supported SMART bus system.
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Farmington master plan up for public view
Making Farmington more redevelopment friendly is one of the goals of the master plan update this year.
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Fund-raiser set for 4-year-old boy with cancer
It doesn't take much to make 4-year-old CJ Shaw smile. Even things that aren't so pleasant end with a smile for this little guy who has been fighting brain cancer for two years.
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ABC Warehouse to relocate
ABC Warehouse is relocating from its former Farmington Hills location, just down the street, to a new spot in Farmington Hills.
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Cities challenge new storm water permit
Farmington and Farmington Hills are among about 70 southeast Michigan communities contesting the requirements of a new federally mandated storm water permit.
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Farmington school district studies building uses, reports possibilities
The landscape of instructional and administrative buildings in Farmington Public Schools may look different in within the next five years.
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Pat Bolt honored for 40 years at Dubin Optometric
Pat Bolt always has a ready smile. That's how she is viewed by her boss, Dr. Daniel Vargovick of Dubin Optometric Clinic.
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Farmington Hills police calls
The following is a sample of incidents handled recently by the Farmington Hills Police Department.
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House fire remains under investigation
Several people made it out, unharmed, from a house fire in the early morning hours Friday at the corner of Shiawassee and Cora in Farmington Hills.
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Farmington DDA plans to revamp Founders Festival
In an effort to grow the annual Farmington Founders Festival, the Farmington Downtown Development Authority is considering ways to split it up.
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Harrison marchers make top 10 in new State Finals flight
Musical, marching mastery was the name of the game Saturday as the 40 top high school marching bands in the state strutted their stuff at Ford Field at the 29th Annual Michigan Competing Band Association ...
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Threat prompts elementary school evacuation
That's why Lanigan Elementary School was evacuated on Wednesday, Nov. 4 after a bomb threat was found in one of the bathrooms at the school located on Tuck Road in Farmington Hills.
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Clifford the Big Red Dog new president - at Beechview
By popular vote, Clifford The Big Red Dog, was elected president of the Beechview Elementary School Media Center.
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With Somerset's many FHA home loan programs, owning your dream home is more than just a dream.
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"Our family would like to thank Somerset Mortgage Lenders for getting us out of foreclosure. Without your help we do not know what would have become of our family. When we first called, we were in Chapter 13 bankruptcy...Not only will we now be able to keep our home, but we'll be able to put ourselves on track financially, thanks to all the efforts of the wonderful people at Somerset. We will be forever grateful to you all." - Scott & Amy
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