Refinance Your Birmingham, Michigan Home
Lower your rate, drop mortgage insurance, get out of an adjustable rate or turn equity into cash. Tania Yatooma, a Swift Home Loans mortgage specialist with more than 10 years of mortgage experience, works from the office on East Maple Road and compares rate-and-term, cash-out, jumbo and home equity options side by side so you know whether refinancing actually pays.
- Free refinance review
- Jumbo refinances
- Cash-out & home equity
- Office in Birmingham
Get Your Free Birmingham Refinance Review
Tell Tania what you'd like your refinance to do. She'll reply personally, usually the same business day.
- Refinance options
- Rate-and-term, cash-out, jumbo, VA & FHA streamline
- Cash-out maximum
- About 80% of value (conventional)
- Property taxes
- Refinancing doesn't uncap them
- Your mortgage specialist
- Tania Yatooma · 10+ yrs
Why Birmingham Homeowners Refinance
Every refinance starts with a goal. These are the ones Tania sees most often from homeowners in Birmingham and nearby Bloomfield Township, Beverly Hills and Franklin.
Lower a higher rate
Bought or refinanced when rates were near their peak? A lower rate can cut your payment and total interest.
Drop mortgage insurance
Rising Birmingham values may mean you now have 20% equity, enough to refinance away PMI or FHA mortgage insurance.
Get out of an ARM
Jumbo ARMs are common on higher-priced homes. Lock a fixed rate before your adjustment date.
Fund a renovation
Update a classic home, add space or finish a basement with a cash-out refinance or home equity loan.
Consolidate debt
Replace high-interest credit card or personal loan balances with one lower-rate payment.
Remove a borrower
Refinance into your name alone after a divorce or change in ownership.
What Would a Refinance Do for You?
Compare your current loan with a refinance, see your break-even point and how much equity you could tap. Leave cash out at $0 for a rate-and-term refinance.
- Current principal & interest
- $0
- New principal & interest
- $0
- New loan amount
- $0
- New loan-to-value
- 0%
- Break-even
- n/a
- Max cash out at 80% (est.)
- $0
Estimate only, not a loan offer. Principal and interest only. Max cash out assumes 80% of value minus your balance and costs; actual limits depend on the program and appraisal.
Refinancing a Jumbo Loan in Birmingham
Many Birmingham mortgages are above the 2026 conforming limit of $832,750 for a one-unit home. That opens up a few refinance strategies other homeowners don't have.
- Jumbo to jumbo. Lower your rate or switch from an adjustable to a fixed rate while keeping your loan size.
- Cash-in refinance. Pay your balance down to $832,750 or less at closing to move into conforming financing.
- Jumbo to conforming plus equity line. A conforming first mortgage with a home equity line for the rest may beat a single jumbo loan.
- Recast instead. If you only want a lower payment after a large paydown, ask your servicer about a recast. It keeps your rate without a refinance.
Jumbo refinance programs set their own credit, reserve and loan-to-value requirements. See jumbo loans in Oakland County.
Your path to closing
- 10-minute callShare your goals, budget and timeline.
- Pre-approval or options reviewTania reviews income, assets and credit and recommends a program.
- Offer or applicationShop with confidence, or start your refinance.
- Appraisal, approval & closingTania keeps your file moving and you updated.
Refinance or Home Equity Loan?
The biggest question for most Birmingham homeowners: is your current rate worth keeping? For the full breakdown, see cash-out vs. rate-and-term refinancing.
| Rate-and-term refinance | Cash-out refinance | Home equity loan | |
|---|---|---|---|
| Replaces your first mortgage | Yes | Yes | No, it's a separate second loan |
| Cash to you | Little or none | Up to about 80% of value, minus your balance | Lump sum based on equity |
| Best when | Today's rate beats yours | You'd refinance anyway and need cash | Your current rate is low and worth keeping |
| Payments | One | One | Two (first mortgage plus equity loan) |
| Closing costs | Full refinance costs | Full refinance costs | Usually lower |
Good to Know Before You Refinance in Birmingham
Your taxes won't uncap
A refinance isn't a transfer of ownership, so your Michigan taxable value and Principal Residence Exemption stay put.
Help the appraiser
Birmingham values can vary block by block, with new homes next to older ones. Give the appraiser a list of updates, permits and dates.
Condo refinances
Downtown condo refinances include a review of the association's budget, reserves and insurance. Have your HOA contact handy.
Three days to cancel
On a refinance of your primary home, you have three business days after signing to change your mind before funds are disbursed.
Refinance Questions from Birmingham Homeowners
Is it worth refinancing my Birmingham home right now?
It depends on your current rate, how long you'll stay and what you want to accomplish. A refinance usually makes sense when it lowers your rate enough to recover closing costs within a few years, removes mortgage insurance, moves you out of an adjustable rate before it resets, or gives you cash you need at a reasonable cost. Tania can run your numbers at no cost.
How much equity do I need to refinance in Birmingham?
For a conventional cash-out refinance, you generally need to keep at least 20% equity, so the new loan can be up to about 80% of your home's value. Rate-and-term refinances can go much higher, and FHA and VA streamline refinances may not require a new appraisal.
Can I refinance a jumbo loan into a conforming loan?
Yes, if the new loan is $832,750 or less for a one-unit home in 2026. Some Birmingham homeowners bring cash to closing to pay the balance down to the conforming limit, which is called a cash-in refinance. Tania can compare that with a jumbo-to-jumbo refinance.
Will refinancing raise my property taxes in Birmingham?
No. Michigan's property tax uncapping is triggered by a transfer of ownership, and a refinance isn't one. Your taxable value and Principal Residence Exemption stay as they are.
Can I remove PMI by refinancing instead of waiting?
Often, yes. If your home's value has risen, a new appraisal may show at least 20% equity, letting you refinance into a loan with no PMI. You can also ask your current servicer to cancel PMI based on your payment history and value. Tania can tell you which route costs less.
Can I refinance a Birmingham condo?
Yes. The lender reviews the condominium association, including its budget, reserves, insurance and owner-occupancy. FHA and VA refinances also require the project to be approved, though streamline refinances have lighter requirements.
How long does a refinance take?
Many refinances close in about 30 to 45 days, depending on the appraisal, title work and how quickly documents come in. Streamline refinances can be faster. Michigan homeowners also have a three-business-day right to cancel after signing a refinance on a primary residence.
More for Birmingham-Area Homeowners
Tania helps buyers and homeowners across Oakland County, Macomb County and Southeast Michigan. See all loan programs and service areas.
Find Out Whether Refinancing Pays for You
Get a free side-by-side review of rate-and-term, cash-out, jumbo and home equity options from a mortgage specialist right here in Birmingham.