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Metro Detroit • 31 mortgage lenders profiles
Mortgage Refinance in Metro Detroit
Compare verified lenders to refinance your Metro Detroit mortgage for a new rate, term or program. Request a consultation and compare Loan Estimates.
5Featured pros
31Mortgage Lenders profiles
6Metro counties
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Rebuild Detroit is not a lender or mortgage broker, does not make credit decisions or quote rates, and information here is general, not financial advice.
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Featured mortgage refinance pros
Top Mortgage Refinance Pros in Metro Detroit
Featured spots are paid placements shown first. The Verified badge records dated checks; other listed businesses have not been verified yet. Confirm current licensing, insurance and written scope with each provider.
Kudos Financial
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Midtown Home Mortgage
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Before you hire
Mortgage Refinance in Detroit: what to expect
A mortgage refinance in Detroit replaces your current home loan with a new one. A rate-and-term refinance changes the rate, the term or the loan type without taking cash out: for example moving from an adjustable rate to a fixed rate, shortening a term, removing FHA mortgage insurance by moving to conventional, or taking a co-borrower off the loan after a divorce.
Refinancing has closing costs, so the key question is the break-even point: how long it takes the monthly savings to cover the costs. Government loans have streamlined options, such as the FHA streamline and the VA Interest Rate Reduction Refinance Loan (IRRRL), that can reduce paperwork.
Homeowners across Wayne, Oakland and Macomb counties compare refinances when rates or their finances change. To take cash out, see a cash out refinance. Compare Metro Detroit refinance lenders.
What a good engagement includes
- Review of your current loan, rate, balance and goals
- Break-even analysis of costs against savings
- A Loan Estimate within three business days of your application
- Appraisal, unless a streamline or waiver applies
- Title work and payoff of the existing mortgage
- A Closing Disclosure at least three business days before closing
- Right to cancel on most refinances of your primary home
What drives the fee
- Credit score and debt-to-income ratio
- Current equity and loan-to-value
- New loan term and fixed or adjustable rate
- Points paid to lower the rate
- Program: conventional, FHA streamline or VA IRRRL
- Appraisal, title and recording charges
- Whether closing costs are paid upfront or rolled in
Rebuild Detroit does not publish fees. Ask each attorney to explain the fee basis in writing and compare.
Licensing and disclosures in Michigan
Michigan licenses mortgage brokers, lenders and servicers through DIFS (the Department of Insurance and Financial Services), and individual mortgage loan originators need their own license unless an exemption applies. Banks and credit unions are exempt from the state company license, and their loan officers are registered in NMLS instead. Either way, the NMLS ID must appear on applications and ads: look it up on NMLS Consumer Access.
On most refinances of your primary home, federal law gives you three business days after signing to cancel in writing. Compare the Loan Estimate from your current servicer with at least two other lenders.
Verify: NMLS Consumer Access lookup DIFS: Mortgage brokers, lenders and servicers File a complaint with DIFS How We Vet
How to compare attorneys
- Request Loan Estimates from your current lender and two others.
- Compare the rate, points and total closing costs.
- Calculate how many months it takes to break even.
- Watch for a longer term that lowers the payment but raises total interest.
- Check each lender on NMLS Consumer Access.
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Common questions
Mortgage Refinance FAQ
When the savings over the time you will keep the loan are larger than the closing costs, or when you need to change the loan type or remove a borrower.
Credit score, loan-to-value, debt-to-income, loan type, term and points. Rebuild Detroit does not quote rates; only a lender can price your loan.
Often yes. The FHA streamline and the VA IRRRL are designed for existing FHA and VA borrowers. A lender can confirm eligibility.
Compare your current servicer with a bank or credit union and a broker, and verify each on NMLS Consumer Access.
Get mortgage refinance consultations from local pros
Compare Metro Detroit mortgage lenders and confirm credentials, scope and cost drivers before you hire.