Refinancing a Mortgage or Home Loan

Let’s start with the basics.

Refinancing lets you pay off your old mortgage with the proceeds from a new mortgage loan, so you can get a better interest rate, lower your payments or take advantage of other benefits. The process involves many of the same steps you encountered when you first purchased your home.

Advantages

Some homeowners refinance to lower monthly payments or pay off their mortgage faster, while others want cash out for home improvements or repairs.

Refinancing may help you save over the life of the loan and can free up money for daily or long-term expenses – like a college fund or retirement savings.

Costs

Refinancing costs vary and can include a loan origination charge, along with fees for application and processing, plus standard settlement charges (fees for credit reports, title searches, insurance and appraisals).

You may also be eligible to purchase points to lower your interest rate even more (each “point” is 1% of your loan amount).

Considerations

Costs and fees may add to the total new loan amount, so it’s important to consider if your savings will outweigh the costs of refinancing.

Use our refinancing checklist or a finance calculator to determine if refinancing is the right decision for you.

For more information, or to get your refinancing process started, visit a Comerica banking center or call an experienced Comerica Mortgage Loan Specialist at

800-867-5188

Here’s how refinancing can help.

Explore options to lower monthly payments, change terms and reduce interest rates. Whatever your goal, work with a Comerica Mortgage Loan Specialist to see how the home refinance option you choose fits into your larger financial plan.

Reduce monthly payments and save over the long term.

Lowering your interest rate can lower monthly payments and save you money over the life of your loan.

Rework your rate or loan type.

You may be able to switch to a longer term, shorter term or different type of mortgage – for instance, from an adjustable rate to a fixed-term loan.

Pay down debt.

Apply what you save each month to paying down other debt, directly or through a debt consolidation loan.

Drop your mortgage insurance.

Depending on your loan type, how much you’ve paid off and payment history, you may qualify to drop the cost of your private mortgage insurance (PMI).

Other benefits

If your property’s title insurance policy was recently issued, you could qualify for a reduced reissue or refinance rate.

For more information, or to get your refinancing process started, visit a Comerica banking center or call an experienced Comerica Mortgage Loan Specialist at

800-867-5188

Refinancing checklist ❯