Some mortgage brokers in Auburn Hills are more concerned with making a profit than helping their clients. They’ll try to convince you to take a particular type of loan, knowing it will create a financial burden that could last for decades. Gem Home Loans is anything but average. Sure, we want to make a profit. But we won’t sacrifice our clients’ best interests to make a buck. It won’t take you long to realize we’re different from any other mortgage broker you’ve ever encountered when you work with us.

A Wide Range of Mortgage Products

Mortgage Brokers Auburn Hills, MichiganYou’ve probably looked around at different kinds of mortgages, but you’re not sure which one will be the best option. At Gem Home Loans, we’ll not only take the time to make sure you completely understand your choices, but we’ll also help you make the right decision. These are just a few.

Adjustable-Rate Mortgage (ARM)

An ARM is pretty self-explanatory – it comes with a rate that can adjust or fluctuate over time. You might not know that an ARM doesn’t immediately start as a rollercoaster. You’ll be paying the same interest rate for the first few years of the loan. It’s not until afterward that it will start going up and down.

ARMs are usually affordable. If you can live with a little uncertainty, an ARM might be worth considering. You’ll pay more on your mortgage some months, while you’ll pay less other months. A lot of homeowners pay less money for a fixed-rate mortgage.

Speaking of which…

Fixed-Rate Mortgage

This is the way to go for many homeowners because they want to know precisely what they’ll be paying every month. That way, they know just how much to budget. While you’ll find different fixed-rate mortgages, most people are familiar with the 15- and 30-year types. Here’s a little information on both.

  • If you have the means to handle a larger monthly mortgage payment, a 15-year mortgage might be worth considering. You’ll probably save tens of thousands of dollars in interest, building equity in your home much faster.
  • A 30-year mortgage comes with more interest, but the payments are much smaller. You’ll be able to manage that payment much easier as a result. As an added benefit, you’ll likely be able to afford a larger home than you would if you went the 15-year route.’

These Just Scratch the Surface of Your Many Options

The ARM and fixed-rate mortgage programs mentioned above are typically “conventional” loans. Conventional loans usually mean having to put down a lot more money. But you might be able to take advantage of the many government loans that are available, such as VA loans, FHA loans, USDA loans and others. Many of these programs are available to people with lower credit scores, and, in a lot of instances, they’ll require either a minimal down payment, or no down payment at all.

If you have questions, the mortgage brokers in Auburn Hills, Michigan, with Gem Home Loans will have the answers. You can get in touch with us online or give us a call at (248) 780-1030.