A professional with Gem Home Loans will be glad to show you why we’re not the average mortgage company that serves Alpena, Michigan. You don’t have any shortage of options when it comes to mortgage companies, of course. You’ve probably already found that out. But if you go with someone else, you’ll need to be extremely careful. They might try to influence you into going with a loan that doesn’t fit with your specific financial situation. A company could very well be looking out for its own best interests rather than yours.

Why Go With Us?

Mortgage Company Alpena, MichiganGem Home Loans can help you in many other ways than finding a loan to buy a home. For instance, you might be planning a huge renovation to the home you’re currently in. You might be looking at a new kitchen, or you could be planning to add another bathroom or bedroom. There’s a chance you might be looking for some land so you can build a new home from the ground up.

We can help you with any or all of the above. A construction loan could be perfect for what you’re wanting to do. It will be important, however, to be fully aware of the fact that it could be pretty tough to get this kind of loan. It can also be a very complex process. But a Gem Home Loans expert will be by your side all the way, helping you find a program with affordable terms.

We’ve done this for a lot of years, so we know how to help our clients navigate all of the complexities. One of our professionals with take the time to spell out all of your options in language you can easily understand. It’s true that getting a construction loan takes longer than the average home loan, and it can take quite a bit longer. However, we think that once you get approved you’ll find that the extra time and effort were worth it.

Here are just a few of the different types of construction loans you might be able to pursue.

  • There is, of course, a traditional construction-only loan. This is really easy to understand. You get approval before construction starts, and then, once the house is built, you either pay the loan off or you get it refinanced. You’ll need to keep a couple of things in mind, though. The first is that you might have to qualify more than one time, such after each phase of the project is completed. The second is that you could wind up paying closing costs more than once.
  • You could also go after a construction loan if you’re planning a major renovation, as mentioned earlier. The money for this kind of loan is usually paid out in stages, sort of like a construction-only program. For example, after the first part of your kitchen renovation is done, you’ll likely get a portion of the loan. The same holds true for the second phase and so on until the project is finished.
  • There’s also a construction-to-permanent loan. This is one that you’ll usually combine with a regular home loan once the house is complete. These two loans could have different interest rates.

If you would like to work with the best mortgage company serving Alpena, Michigan, call Gem Home Loans at (248) 780-1030 or use our online contact form.