Whether you’re building a new home from scratch or you’re buying a house you’ve had an eye on for months, a 15-year mortgage in Royal Oak, Michigan might be the perfect option. Or, you might be much better off with another type of lending program. The experts with Gem Home Loans are passionate about helping our clients find loans that best fit their needs and their budget. We will work extremely hard to make sure you are as well informed as possible so you can make the best decision.
As you already know, you pay off a 15-year mortgage in, well, 15 years. A 30-year mortgage is a more commonly used option, because people have longer to pay it off. A longer mortgage also means lower monthly payments. The biggest benefit of a 15-year mortgage, however, is that you save 15 years worth of interest – and that can save you a huge amount of money. You build up equity faster, so you will make a larger profit should you ever choose to sell your home.
On the other hand, you have to think long and hard about whether or not you could afford a 15-year mortgage. The monthly payments will be substantially higher, even though you’ll be saving on interest. Not only will you need the money to take care of this kind of mortgage, you’ll need to have enough to cover your other expenses as well. In addition, you’ll need enough money to take care of any emergencies that could occur.
There are a lot of critical factors that will go into making this kind of decision. That’s where the professionals with Gem Home Loans come in. Unlike a lot of other lenders, we always act in our clients’ best interests. If we believe you’ll be able to handle a 15-year mortgage, we’ll gladly tell you. If that’s not the case, we’ll let you know about many other lending options that might be a better fit. Other lenders try to force their clients into a certain type of mortgage, but we never work that way.
You may assume that you can only use a 15-year mortgage when you want to buy a home that’s already built. But that’s not the case at all. These are just a few of the other types of 15-year loans we offer.
Whether you’re interested in a 15-year mortgage in Royal Oak, Michigan or any other type of loan we offer, get in touch with Gem Home Loans. Call (248) 780-1030 or contact us online.