When people hear the word “mortgage” they often think about the excitement of moving on from their current home and purchasing a new and improved dream home.
But sometimes, refinancing your current mortgage – and saving a ton of money along the way – can be equally as rewarding.
Dan Procko knows that first hand.
“I purchased my home about five years ago when the market was hot and prices were much lower than they are today,” Dan said. “It was a bank foreclosure and needed some work, so shortly after the purchase I took out a home equity line of credit to make repairs and updates such as a new furnace, water heater, plumbing work, electrical and some cosmetic upgrades.”
“And now, a few years and a baby later, it’s time for another home improvement project,” he said. “I also wanted to consolidate some debt and refinance the HELOC into one mortgage payment.”
After receiving refinance incentives from his current lender, and analyzing the mortgage interest rates, Dan decided this summer was the right time to refinance.
“When the right time came, I had HomePoint Financial run a refinance scenario and, at the time, they offered me a no upfront appraisal fee incentive,” he said. “Then after running my credit and it was time to order the appraisal, they needed me to pay upfront and would not honor their incentive.”
“This prompted me to contact my realtor friend and she recommended Rob Garrison’s team at Michigan Mortgage.”
Dan reached out to Rob and his team via email. He received an immediate response that clearly laid out the steps and expectations related to refinancing.
“It was very simple,” he said. Rob and his team were quick to reply anytime Dan had questions. He was informed every step of the way.
“Michigan Mortgage was able to provide me a more competitive refinance estimate and consulted me about buying percentage points,” he said. “I felt comfortable moving forward with the credit check and ordering the appraisal.”
Dan’s comfort with Michigan Mortgage was reaffirmed when he met with the appraiser.
“First my realtor friend and now the appraiser has nothing but positive things to say about Michigan Mortgage,” he said. “The turn-around time was quick, the timeline provided was exceeded and the entire process could not have gone any smoother.”
As stated before, Dan’s refinance goal was to consolidate his existing mortgage and HELOC. When he officially closed in July, he accomplished so much more.
“I was also able to pay off a credit card, pay off my vehicle loan and have enough money to upgrade my electrical panel all while reducing my monthly bills by over $500 per month.”
A painless process, a lower interest rate and lots of money saved. What more could you ask for?
“The closing was quick and held right at the Michigan Mortgage location,” he said. “I was able to meet Rob and he introduced me to the team face-to-face, which I really appreciated in this online, email and texting world day and age.”
“I will recommend Michigan Mortgage and Rob Garrison to anyone looking to buy or refinance.”