There’s a pretty good chance you’ve entered the phrase, “mortgage broker near me in Troy Michigan” at one time or another if you’re in the market for a new home. You may have done it a few years back, and now you’re doing it again because the time has come to find something bigger. If you were disappointed with the results of your search before, the professionals at Gem Home Loans will provide you with a much better experience. We’ll help you sort through all of your options to find the best mortgage at a price you can afford.

Different Types of Mortgages

Mortgage Broker Near Me in Troy. MichiganWhen you’re shopping around for mortgages, you’ll find that there’s no shortage of possibilities. There are so many, in fact, that you might have a hard time determining which one will be the right one for you and your family. That’s what we’re here for at Gem Home Loans, to help you make the best decision.

Here’s some information on the different kinds of mortgages to choose from.

ARMs (Adjustable Rate Mortgages)

The name pretty much says it all – this kind of mortgage has a rate that adjusts. But it doesn’t do so from the start. In most cases, you’ll pay a fixed interest rate for a few years, and then you’ll have a fluctuating payment afterward. Sometimes you’ll pay more than what you paid at the start of the loan, sometimes you’ll pay less.

This can be a very affordable option for a lot of homebuyers. Even at the start of the loan, many of them find they’re paying less than what they’d pay for a fixed-rate mortgage, which you’ll learn more about in the next section.

Fixed-Rate Mortgages

If you like consistency, then you might be more inclined to go with a fixed rate mortgage. The reason is that you’ll pay the same interest rate, month in and month out, for the entire life of the loan. There are a few different kinds of fixed-rate mortgages, but the most common ones are 15- and 30-year mortgages. Here’s a quick comparison of the two.

  • 15-year mortgages – These are for those who have the means to be able to handle higher monthly payments. The advantages are that you’ll build equity in your home faster than you would with a 30-year loan, plus you’ll obviously pay off the home quicker as well. You also won’t pay nearly as much in interest. In fact, you could potentially save tens of thousands of dollars.
  • 30-year mortgages – This is what most people think of when they think of a mortgage. Payments are significantly lower than with a 15-year mortgage, making them much easier to manage each month. You’re going to pay a lot more in interest, but at the same time you might be able to afford more home than you would with the 15-year option.

We’re Here to Answer Your Questions

So, are you tired of the results you get when you enter, “mortgage broker near me in Troy Michigan?” If that’s the case, the professionals with Gem Home Loans are ready to end all of your frustration. No matter what questions you may have regarding home loans, we’ll have the accurate answers you need to make the most sensible decision possible. Contact us online or call (248) 780-1030 to get in touch.