One of the most important financial decisions you can make is buying a home. Evaluating home loans, in Rochester Hills and throughout Michigan, will be the next important decision. At Gem Home Loans, there are many options to consider, and it’s likely that more than one type of mortgage could meet your family’s needs.
At Gem Home Loans, headquartered in Rochester Hills, MI, we offer a variety of lending products and are confident that one will work for your home financing needs. We work as mortgage brokers and are partnered with dozens of investors to find you the best rates, costs, and programs.
Our specialists can help you explore your many options. Through prequalification, we can quickly assess your credit based on your assets, debts, past credit use, and income, and tell you which choices are available. After this assessment, we can outline how much you would qualify to borrow and assist you with the eligibility requirements for these and other home loan programs.
Fixed Rate Loans
- 30-year mortgage: The 30-year fixed-rate mortgage is the most popular home loan in the nation because it offers payments that are more budget-friendly than mortgages with shorter terms. This mortgage is a good choice if you want the security of a monthly principal and interest payment that won’t change over the life of your loan.
- 15-year mortgage: If your budget allows for a larger monthly payment, the 15-year fixed rate mortgage has several advantages. You’ll pay less mortgage interest, build equity faster, and can own your home in half the time.
Adjustable Rate Loans
An Adjustable-Rate Mortgage (ARM) has a fixed interest rate for several years, and then fluctuates over the life of the loan, with payments adjusting up or down to reflect the changing rate. This mortgage can be more affordable for some buyers because the initial rate is often lower than conventional fixed-rate mortgage options.
- FHA mortgage: FHA home mortgages, backed by the Federal Housing Administration, are more flexible than conventional loans. You may find them a solid fit if you are repairing a lower credit score or have limited funds for a down payment. Although excellent credit scores will help you qualify for lower interest rates, even borrowers with lower scores can usually qualify.
- VA mortgage: VA home mortgages are backed by the U.S. Department of Veterans Affairs and are designed to help eligible veterans, reservists, active-duty service members, and some surviving spouses buy a primary residence by offering excellent mortgage terms that most conventional and FHA mortgages cannot beat.
- USDA mortgage: USDA home loans are backed by the U.S. Department of Agriculture and offer low interest rates and no down payments. You may be surprised to find just how accessible they are. USDA loans can be as high as $500,000 or more in pricey real estate markets like California and Hawaii, and as low as just over $100,000 in parts of rural America.
As you search for affordable home loans in Rochester Hills, Michigan, consider Gem Home Loans. Visit us online or call us at (248)-318-2394, and let us help you meet your financial needs.