You may think that a 30-year mortgage will be the only way you can get into a new home in Bloomfield Hills, Michigan. But the experts with Gem Home Loans can show you a wide range of options that might be much better for you and your family. You’ll never have to worry about us trying to force one particular program on you, because we don’t work that way. We care about our customers – not just making a profit. We’ll always work in your best interests.
Get to Know Gem Home Loans
At Gem Home Loans, our sole focus is on our clients. A lot of lenders are so laser-focused on making money that they lose sight of what’s actually best for their customers. We’ve seen that approach up close, and we don’t like it at all. That’s actually why we started Gem – to give people the best options possible and provide them with the highest level of personalized attention you’ll find anywhere.
Different Types of Home Loan Programs
If you’ve purchased a home before – or even if this is your first time – you probably have at least a passing knowledge of certain kinds of home loans. Here’s a quick look at just a few of the ones we offer.
- VA loans – The Veterans Administration has helped millions of people who served in the Armed Forces get into new homes. The terms are incredibly favorable in the vast majority of instances. For example, people who qualify for VA loans don’t have to pay private mortgage insurance. Even better, they usually don’t have to come up with a down payment, either. They can also qualify even if they don’t have a great credit score.
- USDA loans – You might not know that the U.S. Department of Agriculture also backs home loans. The USDA Loan, also known as the Rural Housing Loan, also offers no down payment and low interest rates.
- FHA mortgages – This is a type of loan that, like a VA loan, is backed by the U.S. government. It’s usually a great choice for first-time homebuyers, because it doesn’t require as much of a down payment as conventional loans. FHA loans typically don’t require high credit scores, either.
- Conventional loan programs – These include the aforementioned 30-year mortgage, as well as the traditional 15-year mortgage. But there are many other options. If you have the means to do so, for instance, you could go for a 10-year mortgage. There are also 18-, 20- and 25-year mortgages. All of these are known as “fixed-rate mortgages.” That simply means your mortgage payment will remain constant each month, as will your interest rate.
- ARMs (Adjustable Rate Mortgages) – This type of mortgage doesn’t feature a fixed-rate mortgage, rather it’s a variable-rate mortgage. The advantage is that is often features a very low interest rate at the start of the loan. However, when interest rates go up, so will the mortgage payment each month. An ARM is usually a good choice for someone who only plans on staying in a home for a few years, or someone planning to refinance before rates go up.
If you have any questions regarding a 30-year mortgage in Bloomfield Hills, Michigan or any other kind of loan we offer, contact Gem Home Loans. You can contact us online or call (248) 780-0601.