A 15-year mortgage in Troy, Michigan could be an excellent option, provided you have the financial means to take on this type of responsibility. Gem Home Loans has years of experience finding the best possible programs for our customers. We’ll never try to push a certain type of mortgage on you because we’re trying to meet a quota. When you work with us, we’ll do everything we can to make the home buying process exciting and free of stress.

15-Year Mortgages – The Basics

15 Year Mortgage Troy, MichiganYou’ll be paying off your home twice as fast, of course, with a 15-year mortgage than with the more common 30-year mortgage. But that also means you’ll be paying much more each month – for a $250,000 home, that would typically average out to about $650 more. On the other hand, you’ll be paying much, much less in interest. You could save $70,000 or even more, and make more of a profit if you sell the home.

Committing to a 15-year mortgage is a huge decision, one that will impact you for a long time. While you’ll be saving a lot of money on interest, would you be able to handle a larger monthly payment? There are a lot of other things you’ll need to take into account, such as your remaining expenses once you’ve made that payment. Also, you’ll need to have something set aside for any potential emergencies.

As you can see, there’s a lot to think about when deciding on whether or not a 15-year mortgage will be the right decision. That’s why it’s so important to contact Gem Home Loans. We will always act in your best interests, and never try to force you into any type of loan. You’ll always be able to count on us to give you an honest opinion. If we truly believe you could handle a 15-year mortgage, we’ll gladly recommend that option. But if we don’t, we’ll try to find another alternative.

They’re Not Just for New Homes

Most people think that they can only use a 15-year mortgage to purchase a pre-existing home. However, you can actually use this type of loan in a number of different ways. Here are just a few to consider.

  • Renovating a home – You may have no interest in purchasing a new home, but instead you want to fix up your current home. A 15-year loan could go a long way toward making it possible for you to remodel your bathrooms, your living room, your kitchen or the entire house.
  • Buying land – Say you’ve found a phenomenal piece of land, and you know you want to build a home on it one day. We can help make that dream a reality through a 15-year loan.
  • New home construction – A 15-year loan could also help you build a home from scratch. That loan will convert to a regular mortgage once construction is finished.

Contact Us to Learn More

The professionals with Gem Home Loans will be more than happy to answer any questions you may have regarding a 15-year mortgage in Troy, Michigan. If this isn’t the best option, we’ll show you others that will be a better fit. Get in touch with us by using our online contact form or by giving us a call at (248) 780-1030.