Why choose Gem Home Loans instead of other mortgage brokers in Berkley, Michigan? While there are a lot of reasons, maybe the most important is that we’ll treat you like a person, not a dollar sign. Many other brokers will try to steer you into accepting a specific kind of loan, one that will make them a lot of money in commissions. Unfortunately, they really don’t care whether or not that loan is in a client’s best interests. We don’t do that. We will make sure the programs we recommend will be a good fit for you financially, and won’t set you up for years of problems.
Another way we stand out among other mortgage brokers is that we work with clients. When you turn to us, we’ll take the time to clearly spell out all of your options, and make sure you are totally comfortable with your final decision.
One example is the pre-approval process. This can make it a lot easier to not only get a great price, but also close a deal very quickly. When a buyer knows you’re already pre-approved, that means he or she will know there will be no hiccups with the sale. But there are some things you’ll need to know before you try to get pre-approved for a loan. Here are just a few.
This is probably the most important factor that will go into whether or not you’ll be able to get pre-approved. Your credit score needs to probably be at least 760 in order for you to be able to get the very best interest rate. It has to be at least 620, in most instances, for you to have a chance to obtain a pre-approval letter. The lower someone’s score, the more of a down payment they’ll have to come up with.
You will also need to show that you have a steady, stable income source. You can expect that your lender will verify your employment by giving your employer a call. That’s not a problem for most people, but it can be an issue if you are one of the many self-employed workers. You will have to show proof that your income is stable, and you’ll have to prove your goods or services are in high demand.
This basically means you have to show you have the ways and means to be able to take care of not only your closing costs, but your down payment as well. You’ll have to show investment accounts if you have them, as well as a bank statement. The kind of loan you get will depend a lot of how much money you can put down. However, there are some loans, such as a VA loan, that don’t require anything down. Conventional loans, on the other hand, will usually call for a down payment of at least 20 percent.
If you’ve been disappointed by other mortgage brokers in Berkley, Michigan, give Gem Home Loans a try. We will be more than happy to answer any questions you have, because we want to be the ones you turn to any time you are looking for a home. Contact us online or call (248) 780-1030 for more information.