You probably want to know more about 15-year mortgage rates in Michigan if you’re interested in purchasing a new home. You probably have a lot of other questions as well as to what kind of loan is best for you. At Gem Home Loans, our experts have all the answers. No matter what you want to find out, we’ll be happy to help. We can also recommend the right type of loan – without trying to push you into any specific direction.

What You Should Know About 15-Year Mortgages

15 Year Mortgage Rates MichiganThere are two main types of so-called “conventional” loans. One is a 15-year mortgage, while the other is a 30-year mortgage. People tend to pursue the 30-year option, since the monthly payment is a lot lower. If you went with a 15-year mortgage, you’d probably be paying $500-$600 more a month – at least.

But that doesn’t mean there aren’t some serious advantages to the 15-year plan. The biggest reason this is a great option is that you’ll be paying a lot less money in interest. Over the life of the mortgage, you could easily save tens of thousands of dollars. In addition, you’ll see more of a profit should you decide to sell the home.

Of course, this is a huge commitment, one that will impact your finances for years to come. So you’ll need to take a long, hard look as to whether or not this will be the best route for you to take. While you’ll save a lot of money over the long term, how will the larger monthly payment impact your budget? Will you still be able to comfortably cover your other expenses, and also be able to set money aside?

Just because this is a major decision doesn’t mean you need to constantly stress out trying to make your choice – that is, if you get in touch with a Gem Home Loans professional. We take a lot of pride in taking the stress and worry out of the process of buying a home. When you work with us, we’ll carefully explain all of your choices when it comes to loans. Then, we’ll recommend the program that we believe is the best for you.

If we believe your finances are strong enough to where you could make payments on a 15-year mortgage, we’ll tell you. If we think it would be in your best interests to go another route, we’ll tell you that as well.

Other Ways You Can Use a 15-Year Mortgage

You might assume that you could only take out a 15-year mortgage for a home purchase, but that’s not the case at all. These are just a few of the other ways you can get this kind of loan.

  • Purchasing land – You may have found the perfect piece of land, one on which you’ll want to build a home. You could take out a 15-year mortgage for now, and then take out a home construction loan when the time is right.
  • Home renovations – There’s a good chance you’re perfectly happy with your current home, but you know it needs work. Taking out a 15-year loan could provide the money you need to renovate your kitchen and bedrooms, or possibly even add a completely new room.
  • Building a new home – You could take out a 15-year home construction loan if you wish.

Learn more about 15-year mortgage rates in Michigan by calling Gem Home Loans at (248) 780-1030 or contacting us online.