Dearborn Mortgage Company

What makes Gem Home Loans the Dearborn mortgage company you should turn to first? There are a whole lot of reasons, but maybe the most important one is that we simply care about our clients. We look at them as people, not stepping stones. Our professionals won’t try to convince you to take a certain kind of loan just because it will make us a ton of money. We’re in business to make a profit like everyone else, of course – it’s just that we won’t sacrifice our clients’ economic well-being to do so.

Interested in Non-Traditional Loans? We Can Help

When most people think of mortgages, they usually think of so-called “conventional” mortgages, like the ones you pay off over a 15- or 30-year period. But you might not be interested in going this route. You might be more interested in what’s known as a “construction” loan.

If you’re building a home from the ground up, or you’re planning a huge renovation, this could be an avenue worth pursuing. Here’s a little information on some of the different options you may have.

• Construction-to-permanent – This kind of loan immediately converts to a more traditional mortgage after the house is complete.
• Construction-only – A construction-only loan will have to be paid after construction is finished. Or, you could refinance the loan. This can be a hard kind of loan for people to handle, because they may have to pay closing costs several times, as different phases of the construction project are complete. They might even have to qualify more than once.
• Renovation – Say you’re ready to build that dream kitchen, or add a huge patio to your home. You might be planning to purchase a fixer-upper, and you’ve got major plans to restore it to its former glory. Either way, you might be able to benefit from a renovation loan. Once the renovation is finished, this loan will usually roll into your traditional mortgage. This also typically includes a draw schedule, which means that you receive funds during different phases of the renovation/remodel.

We believe in making sure all of our clients are completely informed. To that end, you’ll need to go into any kind of construction loan with your eyes wide open. There are complexities associated with any sort of home loan, of course. But a construction loan can be especially complicated. People looking for construction loans will often not have as much collateral. Another difficulty is that processing typically takes quite a bit longer because more work is involved.

Interest rates can also be higher than conventional loans. It might even be hard to find a lender that offers construction loans in the first place.

So, with all that in mind, why would you even want to pursue this option? Well, for some people it actually winds up being an incredibly great decision – complicating factors and all. A Gem Home Loans expert can clearly spell out all of the pros and cons, and let you know if a construction loan will be worth it for your specific financial situation.

Get in Touch

There are many reasons why Gem Home Loans is a cut above every other Dearborn mortgage company. Learn why by giving us a call at (248) 780-1030, or by using our convenient online contact form.