Residential
Mortgage Refinance in Detroit, MI
Secure your Mortgage Refinance in Detroit with a lender who understands the local landscape. We serve all of Wayne County, including Corktown and Downtown, offering fast approvals and personalized service.
Key Facts About Mortgage Refinance
CMRE Mortgage Refinance offers competitive rates for qualified borrowers.
CMRE processes Mortgage Refinance in 21-30 days.
CMRE offers cross-collateral options for Mortgage Refinance.
CMRE Mortgage Refinance accepts alternative income documentation.
CMRE Mortgage Refinance available for primary, second home, and investment.
Program Benefits
Competitive rates and flexible terms for Mortgage Refinance.
Down payments as low as 3% for qualified borrowers.
1-Year Tax Return program (Freddie Mac) for self-employed borrowers.
Cross-collateral options: use existing property equity to lower down payment.
Fast pre-approval within 24 hours from CMRE.
Available for primary residences, second homes, and investment properties.
VOE-only and P&L documentation options for non-traditional income.
CMRE closes in 21-30 days from application.
Program Highlights
Max LTV
Varies
Min Credit Score
Varies
Max DTI
Varies
Loan Amount Range
Contact CMRE
Program Requirements
Income Documentation
- •W-2: pay stubs + W-2s for 2 years.
- •Self-employed: 1-Year Tax Return (Freddie Mac), bank statement, P&L, or VOE-only.
- •Part-time, overtime, bonus income accepted with 2-year history.
Asset Verification
- •Down payment varies by program (3%-20%).
- •Gift funds accepted for primary residence.
- •Cross-collateral: existing equity substitutes for cash down.
Insurance & Title
- •Homeowners insurance required.
- •Flood insurance if in FEMA zone.
- •Title insurance at closing.
Property Requirements
- •Minimum FICO varies by program.
- •CMRE evaluates full profile with compensating factors.
- •Late payments evaluated case-by-case.
Mortgage Refinance in Detroit: The Complete Guide
What Is Mortgage Refinance?
Mortgage Refinance from CMRE provides competitive financing for homebuyers and homeowners. Whether you're purchasing your first home, upgrading, or refinancing, CMRE offers Mortgage Refinance with personalized guidance, competitive rates, and fast closings. Our team evaluates your complete financial picture and recommends the program with the lowest total cost. CMRE also offers alternative documentation options for self-employed borrowers, including 1-Year Tax Return (Freddie Mac), bank statement, VOE-only, and P&L programs. Cross-collateral options are available to leverage equity from existing properties to reduce your down payment.
Who Qualifies for Mortgage Refinance?
- •Income: W-2, 1-Year Tax Return (Freddie Mac), bank statement, VOE-only, or P&L options through CMRE.
- •Credit requirements depend on specific Mortgage Refinance guidelines — CMRE evaluates your full profile.
- •Down payment assistance programs can be combined for eligible borrowers.
- •Cross-collateral: leverage existing property equity to reduce your down payment.
Mortgage Refinance vs. Other Options
- •CMRE compares Mortgage Refinance against FHA, VA, and other programs to find lowest total cost.
- •Factors: credit score, down payment, self-employment status, property type, ownership period.
- •For self-employed: CMRE's VOE-only and P&L programs may provide better qualification.
- •CMRE runs multiple scenarios and recommends the best long-term value.
Apply for Mortgage Refinance with CMRE
- •Step 1: Pre-qualification online, by phone, or via Instant Advisor.
- •Step 2: Pre-approval issued within 24 hours.
- •Step 3: Property search — CMRE coordinates with your agent.
- •Step 4: Processing and underwriting in 14-21 days.
- •Step 5: Closing in 21-30 days total.
Mortgage Refinance Comparison: Rates, Terms, and Requirements
- •Mortgage Refinance should be evaluated against FHA (3.5% down, 580 FICO), VA (0% down, no PMI), conventional (3% down, 620 FICO), and USDA (0% down, rural areas) to find the lowest total cost over your expected ownership period.
- •CMRE runs side-by-side comparisons showing monthly payment, total interest, PMI costs, and closing costs for each eligible program. Many borrowers who assume they need Mortgage Refinance actually qualify for a lower-cost alternative.
- •Self-employed borrowers should also compare documentation requirements: standard W-2 documentation vs. CMRE's 1-Year Tax Return (Freddie Mac), bank statement (12-24 months), VOE-only (employer verification letter only), and P&L (CPA-prepared profit and loss). Each option has different qualifying income calculations.
- •CMRE's cross-collateral option is unique: borrowers with equity in existing properties can pledge that equity as additional collateral, potentially eliminating or significantly reducing the cash down payment needed for Mortgage Refinance.
Current Mortgage Rates
30-Year Fixed Rate
6%
as of 3/5/2026 · FRED
15-Year Fixed Rate
5.43%
as of 3/5/2026 · FRED
Rates are national averages and may differ from your actual rate. Contact us for a personalized quote.
Get Your Rate →Mortgage Refinance in Detroit, MI
Detroit mortgage lending. FHA and first-time homebuyer programs for Wayne County. Custom Mortgage & Real Estate specializes in providing high-fidelity Mortgage Refinance solutions tailored to the unique economic landscape of Detroit and the surrounding Wayne County.
Our FinTech-driven approach allows us to offer competitive rates and streamlined processing for homeowners and investors across the entireDetroit metropolitan area.
Service Areas & Neighborhoods
Our Detroit Presence
Local Knowledge. Global Rates.
16501 Ventura Blvd STE 400
Encino, CA 91436
Direct Line
877-976-5669Common Questions About Mortgage Refinance in Detroit
What are current Mortgage Refinance rates in Detroit, MI?
Mortgage Refinance rates in Detroit depend on loan amount, credit profile, and property type. CMRE publishes updated Detroit rate ranges daily and provides locked quotes within 24 hours of application.
How long does Mortgage Refinance closing take in Detroit?
CMRE typically closes Mortgage Refinance loans in Detroit within 21-30 days from application. Pre-approval takes 24 hours, and our MI-licensed team coordinates title, escrow, and appraisal concurrently to save time.
What Detroit neighborhoods qualify for Mortgage Refinance?
All residential neighborhoods in Detroit and Wayne County qualify for Mortgage Refinance through CMRE. Single-family homes, condos, townhomes, and 2-4 unit properties are eligible. Our local team can advise on specific HOA or condo project approval requirements.
Does CMRE offer first-time buyer programs in Detroit?
Yes. CMRE offers first-time homebuyer programs in Detroit including down payment assistance, 3% down conventional, and FHA 3.5% options. MI residents may also qualify for state-specific grants and bond programs.
Application Process
Six simple steps from application to funding
Application
Complete our streamlined online application form with your financial information
Document Review
Submit required documentation for verification and processing
Pre-Approval
Receive conditional approval and loan terms based on your profile
Title & Escrow
Open escrow and complete title search and insurance requirements
Appraisal & Final Review
Property appraisal completed and final underwriting approval received
Funding
Sign final documents and receive your loan funds
Application
Complete our streamlined online application form with your financial information
Document Review
Submit required documentation for verification and processing
Pre-Approval
Receive conditional approval and loan terms based on your profile
Title & Escrow
Open escrow and complete title search and insurance requirements
Appraisal & Final Review
Property appraisal completed and final underwriting approval received
Funding
Sign final documents and receive your loan funds
Why Choose Custom Mortgage?
Your trusted partner in real estate financing
Extensive Experience
Over 25 years of proven expertise in mortgage lending and real estate financing
Comprehensive Loan Options
Wide range of programs from conventional to specialized non-QM and hard money solutions
Nationwide Coverage
Licensed in multiple states with the ability to fund loans across the country
Flexible Solutions
Customized financing options for unique situations that traditional lenders decline
Competitive Rates
Access to wholesale pricing and volume discounts passed directly to our clients
No Upfront Fees
Transparent pricing with no application fees or upfront costs to get started
Frequently Asked Questions
Varies by program. CMRE offers options as low as 3% plus cross-collateral to use existing property equity. NMLS #1556995.
Yes. CMRE offers 1-Year Tax Return (Freddie Mac), bank statement, P&L, and VOE-only for self-employed.
21-30 days. Pre-approval within 24 hours. NMLS #1556995.
Depends on program. CMRE also offers DSCR and bank statement investment programs.
Rates vary by credit, LTV, and market. Contact CMRE for personalized quote. NMLS #1556995.
Yes. Rate-and-term and cash-out refinance available.
Varies by program. CMRE evaluates your full profile including compensating factors.
Standard W-2 docs or alternative options: 1-Year Tax Return, bank statement, VOE-only, P&L.
Mortgage Refinance by Location
Get local rates, loan limits, and market data for Mortgage Refinance in your area.
CA
CO
GA
ID
IL
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OR
VA
WA
View county-level market data, loan limits, and mortgage rates on our territory pages.
Browse All Territories →TESTIMONIALS
Success stories from families and investors across the nation who achieved their goals with CMRE.
"I've been working with Custom Mortgage and Real Estate for over five years now, and they've totally helped me get through a bunch of tricky transactions. Their team is super helpful all the way through, making sure everything goes off without a hitch. I seriously recommend Custom Mortgage to anyone who needs financing or a solid real estate broker."
RENE M
"I just worked with Custom Mortgage and Real Estate, and seriously, I can't recommend them enough. They have helped my family and me with a bunch of transactions, always receiving results that nobody else could. Their team is super responsive and really experienced, which made everything go through smoothly with no stress at all."
ARTHUR G
"As an investor in real estate and an agent, I totally count on Custom Mortgage and Real Estate for my deals since they've got loads of experience. They have these unique programs that I just can't find anywhere else, and it really gives me an advantage. After researching a number of companies, the offers from Custom Mortgage were the best out there."
