Your search for a reliable, effective Clinton Township mortgage company is over. The friendly, caring experts at Gem Home Loans are here to take care of all your needs. You’ll be working with people who will always act in your best interests. We’ll never set you up for financial failure by steering you toward a bad loan.

Clinton Township Mortgage CompanyAlso, when you work with Gem Home Loans you’ll have a lot more options than you’ll find from the typical mortgage company. Since we have relationships with dozens of investors, we’ll be able to find a great rate, at terms you’ll be able to afford. Here are just some of the options you can choose from.

Adjustable Rate Mortgages

If you don’t mind a little uncertainty when it comes to your mortgage, this might be the right type of mortgage for you. ARMs fluctuate from time to time. You’ll pay a little more on your mortgage payment when rates go up, but you’ll pay less when they go down. The first few years of your mortgage will have a fixed rate, but after that they’ll go on a little bit of a rollercoaster. Many homeowners pay less over the long run as a result.

Fixed-Rate Mortgages

Not everyone is cut out to have an adjustable rate mortgage – and there’s absolutely nothing wrong with that. You might want to know how much you’ll be paying every month over the life of your loan. If that’s the case, then you’ll want a fixed-rate mortgage. The 30-year mortgage is the most popular option, because that results in lower payments. But if you can handle a significantly higher payment, a 15-year mortgage will help you pay off the home in half the time. It will also save you tens of thousands of dollars in interest.

Government Loans

The above mortgages are known as “conventional.” They typically require at least a 20 percent down payment, as well as a really good credit score in most cases. Government loans, on the other hand, are a lot more accessible.

Since these loans are backed by the U.S. government, lenders are more willing to approve those who qualify. But qualification can sometimes be hard. For a VA loan, for example, you either have to be in the military, retired military, or the spouse of a deceased veteran. The benefits are incredible. You don’t need to put anything down, and you don’t have to have a great credit score.

If you can’t get a VA loan, you might be able to get an FHA loan. This usually requires a low down payment – typically 3 percent of the purchase price – and you’ll probably be able to get one if your credit score isn’t excellent.

There’s yet another option – a USDA loan. Yes, this is backed by the U.S. Department of Agriculture. USDA loans usually don’t require a down payment, and you don’t have to live in a rural area to qualify. A Gem Home Loans expert can tell you a lot more.

Learn why Gem Home Loans should be your go-to Clinton Township mortgage company by using our online form or calling (248) 780-1030.