If you are purchasing or refinancing a home in Rochester, Michigan, working with mortgage brokers like Gem Home Loans can help you find the best loan product and mortgage rate and guide you through the qualification and loan approval process.
At Gem Home Loans, headquartered in Rochester Hills, MI, we work as mortgage brokers and partner with dozens of investors to find you the best rates, costs, and programs. We have a dedicated team of experienced professionals who understand Michigan and the local housing market and who love what they do.
A mortgage broker is a middleman between you, the home buyer, and mortgage lenders. We are licensed, insured, and trained professionals with access to dozens of lenders and hundreds of programs, and we use those connections to shop around on your behalf.
Gem Home Loans specialists help you explore your many options. Through prequalification, we can quickly assess your credit based on your assets, debts, past credit use, and income, and tell you which choices are available.
Our job is to help you find appropriate mortgage products with the lowest interest rates possible, apply for pre-approvals, gather up your documentation, submit your applications, and work with the lender you select to get your loan processed as quickly as possible. We can often ensure a faster overall loan process than if you went directly to a lender.
Are you wondering how we get paid? At Gem Home Loans, we do not charge you for our services. Instead, we are compensated by the lender that we work with. Due to stringent regulations, each lender pays us similarly, which means our goal the same as yours — to find the best solution possible!
The right mortgage depends on the home your plan to buy, how long you plan to live in the home, and a variety of other elements. Gem Home Loans offers many types of mortgages, such as those described below, and one will work for you.
A conventional conforming mortgage is different from a government-backed loan. A fixed-rate loan will maintain the same interest rate for the entire loan term. An adjustable-rate mortgage (ARM) begins with a special low interest rate that rises once the initial period ends.
Programs that provide FHA, VA, and USDA loans promote home ownership by borrowers who might otherwise not be able to qualify for a conventional conforming home loan.
If you are purchasing high-end real estate, you may need a non-conforming or “jumbo” mortgage. These are conventional loans that exceed the federal loan limits set by Fannie Mae and Freddie Mac ($510,400 in most of the U.S. and $765,600 in high-cost areas). These loans generally require larger down payments, higher credit scores, and more in-depth documentation to qualify.
Non-Qualified Mortgage (Non-QM) loans are typically for borrowers who may have the required 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.
As mortgage brokers in Rochester, Michigan, Gem Home Loans is dedicated to providing you with the highest level of personalized attention and customer service throughout the home financing process. Call us at (248)-318-2394 or contact us online to discuss these and other loan options with one of our experts.