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.
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.
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.
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.
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.