You might be thinking about pursuing 15 year home loans in Rochester Hills, but you assume you’ll never be able to qualify. While that might be true, there’s also a chance you could be approved. If you are, you’ll gain some huge advantages. Your interest payments will be a lot less than with a 30 year loan, and you’ll gain equity a lot faster. Let a professional with Gem Home Loans let you know all of the pros and cons. We’ll be completely honest, and provide you with a recommendation that will be in your best long-term interests.
Have you ever dealt with a mortgage lender in the past? Did you feel pressured into accepting a loan that you know wasn’t right for you? Unfortunately, that approach is far too common in the mortgage business. We’ve seen how those other lenders work – that’s why we started Gem Home Loans in the first place. We know there was a better way to help people get into homes – one that wouldn’t set them up for years of financial misery.
You’ll never have to worry about any kinds of high-pressure sales tactics from us. We will give you an honest opinion as to what loan will be best for you. If we think you have the financial wherewithal to handle the demands of a 15 year loan, we’ll tell you. If not, we’ll tell you about other programs that will be a better fit.
Just about all loan programs have their pros and cons – 15 year mortgage loans are no exception. Here’s some information on the good and the bad.
The Good
With a 30 year mortgage you’ll pay much more interest, and you’ll be paying mortgage payments for twice as long. With a 15 year mortgage, on the other hand, you’ll save an incredible amount of money – as much as $70,000 if you purchase a $250,000 home. This is a true investment – one that can result in huge benefits. Also, you’ll be building equity much faster.
The Bad
You really have to have the financial means to be able to afford a 15 year loan. You also have to take a rational, honest look at your long-term financial future. Things might be going great now, but is that still going to be the case five, 10 or 15 years down the road? You’re going to have to be able to afford a monthly payment that is hundreds more than if you had a 30 year loan. You might not be able to purchase a large a home than you would if you went the 30 year route.
Other Choices
You might think that you only have a choice between a 15 year or 30 year mortgage, think again. There are plenty of other options. These include home construction loans, FHA loans, VA loans and many others. All of these programs are worth considering, so get in touch with us as soon as you can to find out more.
The experts with Gem Home Loans are ready to tell you more about 15 year home loans in Rochester Hills as well as other options. Please get in touch with us using our convenient online form, or give us a call at (248) 780-1030.
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