The friendly professionals with Gem Home Loans are ready to show you why we’re different from other mortgage companies in Novi, Michigan. You have a lot more options than you may think when it comes to getting a home loan. We’ll look at your financial situation and tell you which ones will be best. You’ll never have to worry about us trying to influence you in one direction or another, because we care more about people than we do commissions.

We have a wide range of loan programs that are available. We’re very confident we’ll be able to find one that works for you. These are just a few examples.

ARMs (Adjustable-Rate Mortgages)

Mortgage Companies Novi, MichiganAs the name implies this kind of mortgage rate adjusts over time. During the first few years of the loan, however, you’ll be paying a fixed interest rate. Then it will fluctuate after that, sometimes going up, and sometimes going down. For many homeowners, ARMs are much more affordable than other options. Even though the rate holds steady for a while, it will more than likely be lower than a fixed-rate mortgage.

Fixed-Rate Mortgages

Speaking of which, fixed-rate mortgages charge the same interest rate for the life of the loan. There are two main types – 15- and 30-year mortgages. A 15-year mortgage is great for a homeowner who can afford a higher payment each month. If you fall into this category, you’ll be spending a lot less in interest, plus you’ll pay off your mortgage a great deal faster.

On the other hand, there’s a reason 30-year mortgages are so popular. Monthly payments are a great deal lower, which could help you get into a larger home than you might otherwise be able to afford.

Government-Backed Loans

While 15- and 30-year mortgages might be the best-known loan programs (that’s why they’re also commonly referred to as “conventional” loans), they are by no means your only options. If you would like to look into loans backed by the U.S. government, here are just a few to keep in mind.

  • USDA – Yes, you may be able to obtain a home loan through the U.S. Department of Agriculture, as odd as that may seem. Many people take advantage of USDA loans because they oftentimes don’t require any sort of down payment. Also, their rates are typically lower. The amount you’ll receive if you qualify will depend on the part of the country in which you live. For example, if you’re in a rural area, you will probably be able to get $100,000. If you live in an urban, more expensive market, there’s a chance you could qualify for $500,000.
  • FHA – You may already be familiar with FHA (Federal Housing Administration) loans. These are excellent for first-time homebuyers. FHA loans usually don’t require much of a down payment, and rates tend to be very stable. FHA loans are also a good option for people whose credit score might not be where they want it to be.
  • VA – If you’re a veteran, then you owe it to yourself to look into a Veterans Administration loan. VA loans have helped millions of people get into homes over the years. Not only do they offer low interest rates, they also don’t require high credit scores. Even better, they come with low – and in many cases – no down payment.

Don’t hesitate to contact Gem Home Loans before getting in touch with any other mortgage companies in Novi, Michigan. You can use our online form or call (248) 780-1030.