The best mortgage lenders in Troy, Michigan put their clients first. They don’t worry about trying to sell you on a loan because they’re trying to meet a quota. At Gem Home Loans, we truly care about what’s in your best interests. We don’t want to put you in a mortgage that will bring years of financial misery and uncertainty. We’ll only recommend loan programs that we feel will do the best job of meeting the needs of you as well as your family.

Which is Better for You – a 15- or 30-Year Mortgage?

Best Mortgage Lenders in Troy, MichiganIf you’ve ever purchased a home before, or if this is your first time, then you’re not doubt considering whether you’d be better off with a 15- or 30-year mortgage. If you’ve spoken with other mortgage providers, they might have tried to steer you in one direction or the other, so they can make a fat commission.

We don’t operate that way at Gem Home Loans. We never have, and we never will. Here’s some information on both types of so-called “conventional” loans.

15-Year Mortgages

This kind of mortgage can be fantastic – if you have the financial wherewithal to handle it. In fact, it will only make since to pursue this kind of loan if you do. You’ll pay it off two times as quickly, of course, then if you went with a 30-year loan. But you’ll also save a ton in interest. The savings could actually get into the tens of thousands of dollars. Once you’ve paid off the mortgage, you can put those savings toward a new home, or do anything else you want.

Does that mean a 15-year mortgage is right for you? Maybe it is, but maybe it isn’t. It’s a huge responsibility, one that you should never take lightly. Are you certain that you’d be able to swing the monthly mortgage payment? Are you 100 percent confident that your financial situation will be as good down the road as it is now? If you can’t answer “yes” to either of those questions, you should probably look in another direction.

30-Year Mortgages

These are what most people think of first when they think of a mortgage. If you’re not swimming in cash, a 30-year loan will give you some more wiggle room financially. You’ll likely be able to handle your house payment and still have plenty left over to take care of your other bills. It will also make it easier for you to save money and pay down your other debts – you could even take care of some home improvements if you wish.

The only disadvantage of a 30-year mortgage is that you’ll be paying more interest. At the same time, however, you might be able to afford more home than you could if you went the 15-year route.

Let Us Help You Explore Your Options

Again, the best mortgage lenders in Troy, Michigan give you the information you need so that you can make the best-educated decision. That’s exactly what you’ll get when you work with the experts at Gem Home Loans. We’ll work to find you the best loan for your specific situation, and we’ll always be here to answer any questions you may have. Please use our online contact form or call (248) 780-1030 to get in touch.