If people have the financial resources necessary to handle 15 year home loans in Rochester, they can enjoy many advantages over other kinds of loan. However, this is a major commitment – one that takes a great deal of consideration. Gem Home Loans will carefully spell out all of the pros and cons of a 15 year loan so that you will be as informed as you could possibly be. We’ll work to make the process of buying a home an enjoyable one – not one filled with frustration, stress and anxiety.
Getting a 15 year home loan can be extremely profitable. Compared to a 30 year loan, you’ll obviously pay it off in half the time. As a result, you’ll also be paying much less in interest over the life of the loan. The savings could easy reach into the thousands – or even tens of thousands – of dollars.
But there’s a risk as well to a 15 year loan. You’ll be paying a lot more on your monthly payments. If your home is $250,000, for instance, you might be paying as much as $650 more each month than someone with a 30 year loan.
Any kind of home loan is a significant commitment, of course. A 15 year loan is even more of one. It’s obviously very tempting to save that much money on interest, and to build equity in your home much faster as well. But are you certain you’ll be able to handle a larger payment for that long a time? Are you completely confident that your financial situation will allow you to do this? Will you have enough money left over to pay for your other bills, as well as any emergencies that might occur?
If you hesitate at all answering “yes” to each and every one of those questions, then you should seriously consider going for a 30 year loan, or another type of program. But if you can say “yes” without hesitation, then a 15 year loan might be the perfect option.
When you work with Gem Home Loans, we’ll carefully analyze your finances so that we are absolutely sure a 15 year loan will be in your best interests. If it is, fantastic – we’ll be more than happy to recommend this course of action. But if it’s not, we’ll tell you. We won’t try to get you into a 15 year loan just to make a huge commission. We’ll only do it if we’re 100 percent certain that it will be right for you.
Not every mortgage company can say that. In fact, there are far too many that can’t. They’re so obsessed with making the largest profit possible that they don’t really care whether or not they’re clients can handle it. We’ve never worked that way, and we never will.
If you would like more information on 15 year home loans in Rochester, please don’t hesitate to get in touch with Gem Home Loans. We can also show you other kinds of loans you may not have previously considered. For example we have loans for people who want to just buy land, want to renovate their existing homes, and more. Contact us online or call (248) 780-1030.