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.
As 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.
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.
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.
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.