Whether you are buying your first home, an investment property, or a second home in Rochester or anywhere else in Michigan, Gem Home Loans can provide you with diverse home mortgage options with an assortment of terms and rates that can be customized to suit your budget.
Gem Home Loans is a client-focused lender that prefers working one-on-one with clients in building custom financial solutions. Our experienced professionals understand Michigan and the local housing market. The person you contact will be the same person you work with throughout the completion of the home financing process.
If you are looking for personalized attention and customer service that results in a smooth loan process and consults with you on options for your home financing, Gem Home Loans is your lender for life.
Predictability is the main reason that fixed rate home loans are so popular. Monthly principal and interest payments remain the same for the entire term of this loan, making it easy for borrowers to budget.
While the traditional 30-year fixed rate mortgage is the most common option, Gem Home Loans also offers 10-, 15-, 18-, 20- and 25-year fixed rate loan terms for borrowers who can afford a higher monthly payment and want to build equity in their homes faster.
Adjustable Rate Mortgages (ARMs) have an interest rate that can change periodically during life of the loan. The lender usually charges a lower initial interest rate for the first 3 to 10 years and then adjusts it annually. For example, a “5/1 ARM” means the borrower pays the initial interest rate for the first 5 years with an adjustment once per year after that.
Gem Home Loans offers many types of ARMs, including 3-, 5-, 7- and 10-year adjustable rate terms for loans up to $510,400, and will help you find one that works for you.
There are several U.S. government agencies that insure home loans, either completely or partially, to protect lenders from loss in the event a borrower defaults on their mortgage payments. These include the Federal Housing Administration (FHA), the Veterans Administration (VA), and the U.S. Department of Agriculture (USDA).
Government-backed loans can be an excellent option for borrowers who would not be able to qualify for a conventional loan. In general, government-backed loans have lower down payment and credit score requirements than conventional loans. In most cases, they are available with fixed-rate or adjustable-rate terms.
Many people have fluctuating incomes or are self-employed, such as independent business owners, entrepreneurs, contractors, retirees, actors, musicians, artists, and others, or have less-than-perfect credit scores that make it hard to get approved for a qualified mortgage, or QM.
Non-Qualified Mortgage (Non-QM) loans are typically for borrowers like these who may have the necessary income but are unable to qualify for a mortgage with their tax returns, W-2s, or pay stubs alone. A Non-QM loan uses alternate methods of income verification to help you qualify for a mortgage loan.
If you are looking for home loans in Rochester, Michigan, get in touch with Gem Home Loans at (248)-318-2394 or contact us online to discuss these and other loan options with one of our experts. We would love to help you find a home mortgage that’s right for you!