There are a lot of different ways to get home loans in Northville, Michigan. In fact, there are more than you might know. Gem Home Loans is staffed with a team of professionals who are experts in all of them. We’ll match you with the right loan, one that will give you true peace of mind. We won’t try to force you into a loan that will have you worrying about being able to pay your mortgage each month.
At Gem Home Loans, we don’t try to fit clients into some sort of preconceived box. Different people have different needs, and we always take that into consideration. You can’t say that about a lot of other lenders. They’re so focused on trying to make the biggest commissions possible that they’ll push a certain kind of loan on everyone. We believe that’s a lousy way to do business.
You have a lot of options. When you turn to us, we’ll take the time to clearly spell out all of them. You’ll have the information you need to be completely confident in your ultimate choice.
As you might imagine, we get a lot of questions on home loans. Here are the answers to some of the ones we receive on a regular basis.
Before you start the loan application process, you’ll need to sit down and get a firm grasp on your financial situation. Will you have enough money to put down on a new house and also be able to handle the closing costs? The typical loan program will require that you have at least 3-5 percent of the price of the home to pay as a down payment. The more you can put down, the lower your interest rate will be.
Also, you’ll need to have as good an idea as possible of how much of a monthly mortgage payment you’ll be able to afford. A good rule of thumb is that the mortgage should not exceed 30 percent of your monthly take home income.
If you have a credit score of 760 or higher, you’ll be able to get just about any sort of loan you want – and at a fantastic interest rate. For most of us, though, that’s not in the cards. On average, people need to have a credit score of no lower than 620 to obtain a home loan. But even if yours isn’t to that level, that doesn’t mean you’ll have to give up. A Gem Home Loans expert will be more than happy to show you programs that might still work.
There’s a chance that you could qualify for a property inspection waiver. At Gem Home Loans, we work with dozens of different lenders. Many of them will allow us to just use a home’s address and that will be enough to provide them with the information they need to make a decision. You might not have to get an appraisal, but get in touch with us and we can tell you more.
Talk to Gem Home Loans for more information about home loans in Northville, Michigan. You can give us a call at (248) 780-1030 or contact us online.