Mortgage Brokers Royal Oak, Michigan

The friendly, expert mortgage brokers with Gem Home Loans are here to help you find the home of your dreams in Royal Oak, Michigan. You have a lot of options, and we’ll help you sort through all of them to find the solution that will help you not only find a mortgage, but also help you find one you can afford. We have many different lending programs, and we’re confident we’ll be able to find one that fits your needs perfectly.

These are just some of the different types of programs we offer.

Adjustable Rate Mortgages (ARMs)

An ARM comes with a fixed interest rate for the first few years of the loan, and then your payment will fluctuate afterward. Depending on the rate at the time, that payment could go up or it could go down. A lot of buyers find that this is a more affordable option, because the rate at the start of the loan is, in many instances, lower than what you’ll find through a fixed-rate mortgage.

Fixed-Rate Mortgages

This kind of mortgage loan, as you can tell by the name, offers the same rate as long as it’s in effect. The two most common types are 15-year and 30-year fixed-rate loans. Here’s a brief look at each.

• 15-year loans – This type of loan is good for someone who can handle a higher monthly payment. Not only will you pay less in interest and build equity more quickly, you’ll also own your home faster.

• 30-year loans – Most homeowners opt for a 30-year loan because the monthly payments are much lower. It not only allows you to more easily manage your payment, you’ll also know how much you’ll be paying in principal and interest each month.
  

Loans Backed By the Government

Fixed-rate loans are also known as “conventional” loans because they’re the ones most commonly used. However, the U.S. government offers programs for people who might not be able to afford a conventional loan. These are just a few examples.

• USDA loans – The U.S. Department of Agriculture offers loans that feature not only low rates, but also no down payments in most cases. The amount of the loan will typically vary depending on the area of the country. In more expensive markets, a loan could be $500,000 or more. In rural areas, the amount is typically about $100,000.

• FHA loans – These loans are backed by the Federal Housing Administration. First-time homebuyers like FHA loans because they offer several options, come with stable rates, and typically require very little down. If your credit score isn’t where you want it to be, an FHA loan may be right for you.

• VA loans – Administered by the Veterans Administration, VA loans are for active and retired members of the U.S. Armed Forces, and, in some instances, their spouses. They are a great option for people with low credit scores, and they also feature low interest rates. Most borrowers will either have a low down payment or no down payment at all.

Contact Gem Home Loans for More Information

Gem Home Loans has a team of mortgage brokers who will be more than happy to answer any of your questions about home loans in Royal Oak, Michigan. Just get in touch by contacting us online or by giving us a call at (248) 780-1030. We look forward to hearing from you.