Getting home loans in Ann Arbor, Michigan can seem like a difficult thing to do. But at Gem Home Loans, we take all the complexities out of the process. We’ve earned a lot of loyal customers over the years because they know we look out for them. When you turn to us, you can do so knowing we’ll make getting a loan as easy and pain-free as possible. We hope you give us the opportunity to make you a customer for life as well.

Home Loans Ann Arbor, MichiganThe home loan process can be daunting for some people. The most important thing to remember is that there is no “one size fits all” approach. Every person has a different situation. Never do business with a lender that tries to fit you into a certain box. At Gem Home Loans, we never do that. We will make sure that you know all of your potential options, and we’ll take time to clearly spell out all of them. That way, you can make the best possible decision – one that works for you and your family.

Frequently Asked Questions About Home Loans

Here are just a few of the questions we receive about home loans on a regular basis.

What Do I Need to Know Before I Apply?

One of the first things you’ll need to do is to have a clear, accurate picture of your finances. Do you have enough to take care of a down payment as well as your closing costs? In most cases, you’ll need to put down anywhere from 3-5 percent of the price of the home. You’ll also need to know what you’ll be able to handle in terms of a mortgage payment – your mortgage shouldn’t be more than 30 percent of your take-home income each month.

What Kind of Credit Score Do I Need to Get Approved for a Loan?

You’ll typically need to have a score no lower than 620. The higher your score, the lower your interest rate will be. But there’s no single standard that all lenders use. They’ll take a lot of factors into consideration other than credit score. These include your credit history, your income and many others.

How Do I Know Whether or Not I’ll Need to Get an Appraisal?

You will typically need to get an appraisal. However, technology has advanced to the point to where property inspection waivers occur more and more frequently. We work with a lot of different lenders, and we can, in many instances, simply use the address of the home and get the information we need. That could make it possible for you to not have to get an appraisal performed.

Can I Get a Loan for a New Home Without Selling My Current One?

The short answer is no, you don’t. However, paying for a mortgage now could impact your debt-to-income ratio. That, in turn, could have an affect on your ability to get a loan at a good rate. It might also impact the amount of your down payment.

Let Gem Home Loans Help

The friendly professionals with Gem Home Loans are ready to answer any type of question you may have regarding home loans in Ann Arbor, Michigan. You can contact us online or give us a call at (248) 780-1030.