Process
Refinance
Replacing your existing mortgage with a new one — to lower the rate, change the term, or pull out cash — which restarts the loan and carries its own closing costs.
What does refinance mean?
Refinancing swaps your current mortgage for a new loan, usually to cut the rate, shorten the term, or tap equity. It isn't free even at a lower rate: a new loan restarts the amortization schedule at its most interest-heavy point and carries $3,500–$6,000 in Michigan closing costs. The decision comes down to break-even — how many months of savings it takes to recoup those costs. Ask your Michigan title company about the reissue rate on title insurance, a discount many refinancing owners never think to request.
Common questions
When is refinancing worth it?
When you'll keep the loan longer than it takes the monthly savings to repay the closing costs — the break-even. Beyond roughly 24 months to break even, the math gets thin.
How much does refinancing cost in Michigan?
Usually $3,500–$6,000, driven by title reissue rates and whether the county requires a new survey. Ask for the reissue credit to cut title costs.
Does refinancing restart my loan?
Yes — a new loan resets the amortization schedule at its most interest-heavy point, which is why a lower rate alone doesn't always justify it.