Getting home loans in Oakland Township, Michigan shouldn’t be as hard as a lot of mortgage providers make it out to be. The professionals with Gem Home Loans will make your experience as painless as possible. We know how to make things easy – we’ve been doing it for clients for years. Unlike some providers, we don’t put profits ahead of our clients’ best interests. That’s simply never been our philosophy, and it never will.
There’s no getting around the fact that getting a home loan can be a pretty complex undertaking. But when you talk to a Gem Home Loans expert, we’ll take that complexity out of the process. We know that different people have different financial situations. Rather than trying to fit all of our clients into a preconceived box, we work to find them the loan that fits best. Once we spell out all of your options – clearly, and in terms that are easy to understand – you can make your choice with total confidence.
As you might expect, we’ve received a ton of questions over the years. There’s a chance you have some of the same ones. These are the answers to just some of the questions we receive on a regular basis.
In most cases, if your score isn’t at least 620 you’re going to have a hard time. However, there may be some loans you can get even if you have a lower score. Different lenders use different standards when it comes to approving a loan. While these standards do include credit scores, they also look at income, credit history and more. A Gem Home Loans expert can tell you what kinds of loans you may be able to get without a high credit score.
Not necessarily. But if you’re still paying a mortgage, that could have a negative impact on your debt-to-income ratio, which lenders typically use when determining whether or not to approve a loan. You could still get a loan, but it might require a higher down payment. It may also lead to a higher interest rate.
A good rule of thumb is that if you have enough in the bank to put down between 3 and 5 percent down, the time is probably right. But you’ll not only need to look at that, you’ll also need to know how much of a monthly mortgage payment you’ll be able to swing. It should be more than 30 percent of the amount of your monthly take-home income.
In most cases, you will need an appraisal. But that doesn’t mean it has to be a hassle. Many lenders use technology that gives them all the information they need. It could be as simple as you just giving us the address of your current home.
Let the experts with Gem Home Loans tell you more about home loans in Oakland Township, Michigan. Just use our convenient online form, or give us a call at (248) 780-1030.