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Calculators

Home Loan Refinance

Home refinancing is a process that can include many decisions for homeowners who are working to improve their financial situation. At Michigan Mutual, Inc. we are here to answer your most pressing refinancing questions.

Understanding home refinancing
How do I start the refinancing process?
How do I apply and what information will you need from me?
How much will it cost me to refinance?

Applying to refinance your home
How can I stay up-to-date on the status of my loan application?
How long will it take to close?
Can my closing costs be included in my new mortgage?
Can I lock in my rate?

How do I start the refinancing process?

If you are ready to start the refinancing process, you can begin applying for your new home loan now by completing our online application. If you want to discuss the refinancing process before applying, please contact one of our knowledgeable mortgage professionals.

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How do I apply and what information will you need from me?

If you have applied for a loan with Michigan Mutual, Inc. in the past, we can save you a lot of time by using a copy of your last mortgage application and updating any changes to the information. If you are a new customer, you can start the process now by using our online application.

Once we receive your refinancing application, we will ask for the following information:

  • Copies of your last 2 pay stubs for all applicants.
  • Copies of your W-2 forms from the last 2 years.
  • A copy of your most recent checking/savings account statement(s).
  • A copy of your current homeowners insurance policy
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How much will it cost me to refinance?

Your refinance costs will vary depending on loan, credit score, and purpose of the loan. In today’s housing market, it is most likely you will need to have a new appraisal done. In most cases, appraisals cost between $275 to $450. If you would like to discuss the exact costs in further detail, you can speak with one of our mortgage professionals by calling (800) 700-5839. Rest assured, you will have an exact written account of all costs prior to paying for any Michigan Mutual, Inc. service.

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How can I stay updated on the status of my loan application?

Michigan Mutual, Inc. will send you weekly updates with the status of your loan application, and we will contact you if we need any additional documentation or information from you. If you like, you also are welcome to check on your application status by calling (800) 700-5839.

Once we receive final approval for your loan, Michigan Mutual, Inc. will contact you to schedule your closing.

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How long will it take to close?

Closing usually takes place within two to four weeks of submitting your completed application. The process can go faster and easier if you submit all necessary information at the start of the application process.

Please continue to make monthly payments on your current mortgage until you close on your new home loan. We will call to schedule your closing once we have obtained final approval on your new mortgage. It is never advisable to postpone a mortgage payment in anticipation of a new loan closing.

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Can my closing costs be included in my new mortgage?

Yes, in many cases they can. However, there are instances where this may not be an option.

Additionally, it may not be a good idea to include your closing costs in the new mortgage, since it may require you to begin paying private mortgage insurance (PMI). You can discuss the option of rolling your closing costs into a new mortgage with Michigan Mutual, Inc. Your mortgage professional can advise whether this is a smart strategy for you.

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Can I lock in my rate?

Yes, you can lock in your interest rate. Your locked rate typically is good for 30 days, and your closing must take place within that period. Failing to close within your lock-in period can result in an interest rate change.

In order to lock a rate, you will need to call Michigan Mutual, Inc. at 1-800-700-5839. Upon receiving your application and your request to lock, we will confirm your rate lock with a fax or an email.

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We’re a great resource in helping customers reduce their monthly payments by refinancing their homes. I’m honored to work for such an honest mortgage company.

Adam Neuman

Adam Neuman