Prospective homeowners often stress about things like 30 year home loans in Michigan. They really have no idea whether this or another type of loan is truly the smartest option. At Gem Home Loans, we can take away that stress. We’ll learn everything we can about your financial situation. Then, we’ll carefully explain all of the choices that make the most sense. Once that happens, you’ll have peace of mind knowing you’ll be pursuing the very best loan possible.
You might have obtained your original mortgage a while ago, and it’s for 30 years. But things might have changed since then. You could have gotten a new job and you’re making a lot more money. Or you don’t have as many expenses as before, because you’re kids are out of the house and they’ve started their careers. There could be one of a number of reasons that you’re a lot better off than when you first moved into your home.
So now that you have a bigger bank account, you might be wondering if you should change your mortgage from a 30-year to a 15-year program. You know you’ll save thousands of dollars doing so, because you won’t pay nearly as much interest. You also feel pretty confident that you’d be able to handle a larger mortgage payment each month.
If this applies to you, then it’s worth exploring whether or not this will be a good idea. It’s really important, however, that you get the whole picture. This is an incredibly big commitment. Here are a few of the more important considerations you’ll want to take into account.
We’re not trying to dissuade you from changing to a 15-year mortgage at all. We just want you to have all of your bases covered before you make this plunge. There’s also something else to keep in mind. You could pay more each month on your current mortgage, and still pay it off faster. That way, if your finances should change, you’ll still be able to fall back on making your original payment.
The experts with Gem Home Loans have a lot of experience helping people decide whether or not to switch from 30 year home loans in Michigan to 15 year mortgages. We can do the same for you. Please call (248) 780-1030 or contact us online.