Whether you’re building a new home from the ground up or you want to move into a structure that already exists, you might want to consider a 15-year mortgage in Bloomfield Hills, Michigan. Granted, it’s a huge responsibility, and you really need to make sure you have the means to be able to afford this kind of mortgage. That’s where Gem Home Loans comes in. We’ll give you an honest opinion as to whether a 15-year program or another type of program will be the best choice. When you work with us, you’ll have no regrets when it comes to your final decision.

The Basics of a 15-Year Mortgage Works

15 Year Mortgage Bloomfield Hills, MichiganThere are two main kinds of so-called “conventional” mortgages. As the name implies, if you get a 15-year mortgage you’ll be expected to pay it off in 15 years. If you get a 30-year mortgage, you have 30 years to pay it off. You’ll pay off a 15-year mortgage in half the time, and you’ll also save half the interest. In many cases, that comes to tens of thousands of dollars. If you want to sell your home, you’ll also make a much larger profit.

So why doesn’t everyone get a 15-year mortgage? As we stated earlier, it’s a major responsibility. In order to be able to commit to this kind of mortgage, you need to have enough money to afford the monthly payment. You’ll be paying much more than if you had the typical 30-year mortgage.

When determining whether or not you can afford a 15-year mortgage, you have to keep a lot of other considerations in mind as well. Would you be able to pay the monthly payment, while having enough left over to take care of all your other monthly expenses? Would you have enough left over to take care of any emergencies that could come up?

These are just a few of the reasons why you need to really take a close, hard look at your finances before trying to pursue a 15-year mortgage. At Gem Home Loans, we’ll have a complete understanding of your financial picture. We’ll be able to tell you if a 15-year program is a good idea, or if you’d be better off going for another type of program.

Another Use for a 15-Year Mortgage

If you believe you can handle a 15-year mortgage, you might think that you could only use it to buy a home that’s already been built. But that’s not the case at all.

You could, for example, take out this type of loan to pay for renovations to your existing home. You might love it, and not want to leave for a long, long time. Or, you could put this kind of mortgage toward purchasing a plot of land. If you already have the land, you could use a 15-year mortgage to build a new home from the ground up.

Contact Gem Home Loans

The professionals with Gem Home Loans are ready to let you know if a 15-year mortgage in Bloomfield Hills, Michigan is right for you. If we don’t feel that it is, we’ll tell you about our many other programs. Eventually, you’ll find something that’s the right fit. Give us a call at (248) 780-1030 or contact us online to get in touch.