For a lot of people, a 15-year mortgage in Birmingham, Michigan is a fantastic choice. They build equity a lot faster, pay a great deal less in interest, and make a tidy profit when the sell the house. At Gem Home Loans, we can let you know if this type of mortgage will be best for you, or if you’d be better off pursuing another loan program. We know that everyone is different – a loan that will work for one person may not be realistic for another. When you turn to us, you can be completely confident that we’ll work to find the solution that is best for your specific situation.
All lending options come with advantages and disadvantages. Let’s look at each of these as they apply to 15-year mortgages.
You might not even want to apply for either a 15-year or 30-year mortgage loan, because the chances of getting approved may be too low. There may be some dings on your credit, and it will be hard for you to get a so-called “conventional” loan as a result.
If that’s the case, you don’t have to give up home. There are plenty of government-backed loans that may work for you. For example, if you’re buying a home for the first time, you may be able to quality for a Federal Housing Administration (FHA) loan. This kind of loan often comes with a very favorable interest rate.
Another option could be a VA (Veterans Administration) loan. As the name implies, a VA loan is only for either veterans or their eligible dependents. Not only can you get a VA loan with a lower credit score, you also don’t have to pay private mortgage insurance. While banks and mortgage companies provide the loans, the VA backs up part of those loans.
There are even loans backed by the US Department of Agriculture (USDA). These are typically designed for people with lower incomes who live in rural areas. Like a VA loan, you may be able to qualify for a USDA loan even if your credit score isn’t quite where you’d like it to be.
As you probably know, getting a loan for a 15-year mortgage in Birmingham, Michigan – or any other type of loan, for that matter – can be an extremely complex, frustrating undertaking. But at Gem Home Loans, we’ll make the process go as smoothly and easily as possible. To learn more, contact us online or call (248) 780-1030.