Gem Home Loans is one of the best mortgage companies in Bloomfield Township, Michigan – or anywhere else. You’ve no doubt heard that from mortgage brokers before, but we truly believe it. Why is that the case? Because we take an approach that’s much different from other companies in our field.
That approach prioritizes clients over profits. You might have worked with another mortgage company in the past, and felt pressured to accept a certain type of loan. That loan might have come with a huge monthly mortgage payment, or it had something else attached to it that simply didn’t feel right. That company was pushing that loan for one simple reason – it would make them a huge commission. The person you were working with really didn’t care whether or not that loan would make sense for you in the long term.
One of the reasons we started Gem Home Loans was to fight back against that way of doing business. Our loan experts don’t try to influence a client’s decision. We’ll make recommendations, but only after we get to know you and your financial situation. You’ll never have to deal with any high-pressure tactics when you work with us. We’ll spell out the pros and the cons of your different loan options, and then let you make your choice.
For example, some of our clients like the stability that comes with a fixed-rate mortgage. They want to know how much they’ll be paying each month. They don’t want the rollercoaster, up-and-down uncertainty that can come with adjustable-rate mortgages.
The most common fixed-rate mortgages are for 15 years and 30 years. However, we also have 10-year programs, as well as others that run for 18, 20 or 25 years. If you have the financial wherewithal to handle the higher monthly payments that come with 10- or 15-year programs, fantastic. You’ll save tens of thousands of dollars in interest.
But if you’re in a situation where you would be more comfortable with a 25-, or even a 30-year mortgage, that will be fine, too. You’ll have a manageable monthly payment, one that won’t put undue pressure on other areas of your budget.
There are other clients that don’t mind fluctuating interest rates. They opt for an adjustable-rate mortgage (ARM) instead. An ARM will usually start with a low interest rate, one that will then increase as the years go by. One type of arm is known as “7/1.” This simply means you pay a lower, fixed rate for seven years. After that, then your rate will either go up or down once a year for the rest of the life of the loan.
The main benefit of an ARM is that you could pay less in interest than you would for a fixed-rate loan. It could also make it easier for you to qualify if you’re looking for a loan that’s larger than most.
We want to be the ones that come to mind first whenever you think of mortgage companies in Bloomfield Township, Michigan. If you have any questions, the experts with Gem Home Loans will gladly answer them. Get in touch by using our online contact form, or by giving us a call at (248) 780-0601.