Gem Home Loans offers a wide range of affordable home loans in Royal Oak, Michigan, as well as a team of experts who are truly interested in our customers’ best interests. You’ll never have to worry about being forced into a certain type of loan just because we’re trying to meet some sort of quota. We want you to have the best loan for your exact situation, and we’ll do everything we can to make sure you are comfortable throughout the entire process.
Advice for Finding a Home Loan
Regardless of whether you’re a first-time buyer or you’ve had a lot of experience purchasing a home, there are several things you’ll want to keep in mind when applying for a home loan. If you keep these in mind, that can help simplify the loan process in ways you might not have thought possible.
- Stay up to date on your bill payments – It’s very important that you keep your credit history as positive as possible when trying to get a home loan. That means you need to make sure you pay every single bill on time, and you do it every time. Just one late payment can damage your credit score. If this happens, you might have a hard time getting approved. If you are approved, you might have to pay a very high rate.
- Watch your employment history – Lenders tend to value continuity and stability of employment. They will usually look at the past two years of your work history, taking into consideration things like military service and education if they notice breaks.
- Research, research, research – There are a lot of different loan options available, such as VA, FHA, fixed-rate, adjustable-rate, and others. Take some time and look at what each of these entail, and see what looks like the best fit for your specific financial situation. At Gem Home Loans, we’ll take the time to carefully spell out all your options so you can make the best decision possible.
- Know what you can afford – In most cases, you should be able to set aside 28 percent of your income (after taxes) for your home. If you clear $70,000, for example, that would be about $19,600. That would mean you could probably afford a mortgage payment of $1,633 per month.
- Choose wisely – There are a lot of lenders out there, of course, so you’ll want to take the time to make sure the one you choose is the right fit. Choose someone who gives you a clear understanding of the loans that would be the best for you, and look online to see what others say about the lenders you’re considering.
- Be conservative with your credit – It probably won’t be a good idea to open any new credit accounts while you’re trying to buy a home. If you take on more debt, that could affect the type of loan you receive.
Talk to the Experts with Gem Home Loans
At Gem Home Loans, we have a lot of experience helping people obtain home loans in Royal Oak, Michigan. We’ll find a program that works with your budget and your lifestyle. We take a lot of pride in the way we treat our customers, and we have earned a lot of repeat business as a result. Find out for yourself why so many people turn to us. Contact Gem Home Loans online or call (248) 780-1030.