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Refinancing in Metro Detroit

Refinance Your Mortgage in Michigan

A refinance replaces your current mortgage with a new one. Learn which kind fits your goal, what it costs and when it pays off, then get matched with one local lender.

Start My Refinance Match Rate and term vs cash out
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What are you looking to do?
  • Free, no obligation
  • No credit check to get matched
  • No SSN requested
  • Detroit and six counties

Rebuild Detroit is a free directory and matching service. It is not a lender, does not make loans or credit decisions and does not quote rates. Loan terms, rates and approval come only from the lender you choose, who must give you a Loan Estimate after you apply. Check any lender or loan officer on NMLS Consumer Access.

Two kinds

Rate and term vs cash-out refinance

Rate and term refinanceCash-out refinance
What it doesReplaces your loan to change the rate, the term or the loan typeReplaces your loan with a larger one and pays you the difference in cash
Common reasonsLower payment, shorter payoff, move from an adjustable to a fixed rate, drop mortgage insuranceRepairs, a remodel, paying off higher-interest debt, big expenses
Your balanceStays about the same, plus any costs you roll inGoes up by the cash you take and any costs you roll in
Risk to watchRestarting a long term can raise total interest paidYou borrow more against your home, which is the collateral
LendersMortgage refinance lendersCash-out refinance lenders
Good signs

When refinancing can make sense

  • Rates for your situation have come down. The CFPB notes your credit score, loan term and loan type all affect the rate you are offered, so a better score alone can change your options.
  • You will stay long enough. Refinancing has closing costs. Divide the costs by your monthly savings to see how many months it takes to break even, and compare that with how long you plan to keep the home.
  • You want a shorter term. The CFPB notes shorter terms generally come with lower rates, though the monthly payment can be higher.
  • You want stability. Moving from an adjustable rate to a fixed rate protects you from future rate changes.
  • You need cash and have equity. A cash-out refinance can fund repairs, but compare it with a HELOC or home equity loan, which leaves your first mortgage alone.
Costs

Refinance closing costs: what shows up on the Loan Estimate

Every lender must give you a Loan Estimate within three business days of your application. Page 2 breaks costs into these sections.

SectionWhat it coversTip
A. Origination chargesThe lender's own fees for making the loan, including any pointsThe best line to compare between lenders
B. Services you cannot shop forThird-party services the lender picks, such as the appraisal and credit reportCompare the total across lenders
C. Services you can shop forServices such as title search and lender's title insuranceYou can choose your own title company
E. Taxes and government feesRecording fees and transfer taxes charged by governmentSet by government, not the lender
F. PrepaidsUpfront homeowners insurance and prepaid interestDepends on your closing date
G. Initial escrow paymentStarting deposit for future property taxes and insuranceBased on your tax and insurance bills
Points and credits

Points, lender credits and no-cost offers

Points are an upfront charge paid to the lender to lower your interest rate. Lender credits work the other way: the lender covers some closing costs in exchange for a higher rate. A "no closing cost" refinance usually means the costs are covered by a higher rate or rolled into the loan. None of these is wrong. Ask each lender for the same scenario so you compare fairly, and ask what other options they offer.

Step by step

How to refinance in Michigan

  1. 1

    Set your goal

    Lower payment, shorter term, fixed rate or cash out. Your goal decides which offers are best.

  2. 2

    Gather documents

    Your current mortgage statement, pay stubs or tax returns, bank statements, homeowners insurance and your property tax bill.

  3. 3

    Apply with more than one lender

    The CFPB says multiple mortgage credit checks within 45 days are recorded as a single inquiry, so shop inside that window.

  4. 4

    Compare Loan Estimates

    Line up the rate, APR, section A and cash to close. Ask about points and credits.

  5. 5

    Appraisal and title

    The lender usually orders an appraisal. A title company checks for liens and prepares closing.

  6. 6

    Close

    Review the Closing Disclosure and sign. Your old loan is paid off from the new one.

Questions

Refinancing in Michigan: FAQ

A rate and term refinance changes your rate, term or loan type without taking cash. A cash-out refinance replaces your loan with a larger one and pays you the difference.
Divide your total closing costs by your monthly savings to find your break-even point in months. If you will keep the home well past that point, it can be worth it.
They include origination charges, third-party services such as the appraisal and title work, government recording fees, prepaids and an initial escrow deposit. Your Loan Estimate lists each one.
The CFPB says multiple mortgage credit checks within 45 days are recorded as a single inquiry.
If you like your current rate and need cash, a HELOC or home equity loan leaves your first mortgage alone. If you want a new rate or term anyway, a cash-out refinance can do both.
No. Rebuild Detroit is a free matching service, not a lender. Rates and terms come only on the lender's Loan Estimate.

See if refinancing makes sense for you

Tell us your goal and what you owe. One Metro Detroit lender follows up, free and with no obligation.

Start My Refinance Match

Sources

Updated September 2026. Rules and procedures change; confirm with the responsible office before a decision.

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