At Gem Home Loans, we’re proud that we’re not the typical mortgage company in Lake Orion, Michigan. We’re much, much better. Sure, there are a lot of mortgage providers you could go with. If you do, however, you’ll have to be incredibly careful. The reason is that company might try to entice you into going for a loan that won’t be a fit with your finances – to put it nicely. We’ve never done business like that, and we never will.

How We Can Help

Mortgage Company Lake Orion, MichiganMost people only think they’d need to talk with a mortgage company professional if they were trying to buy a new house. At Gem Home Loans, however, we can help you in other ways as well. You might, for example, be looking to add another bedroom or bathroom to your home. Or, you might want to do some major renovations to your kitchen. You could be planning to buy a piece of land, one where you’ll put your dream home someday.

It really doesn’t matter which of the above categories may apply to you, because Gem Home Loans can help you with all of them. We can help you find a construction loan with terms you can afford. Remember, though, that construction loans can be pretty difficult to obtain, and they can also be fairly complex.

But the experts with Gem Home Loans have a lot of experience in this area. We can cut through all of the complexities, making sure you understand all of your options in easy-to-understand language. While a construction loan may take more time than the typical home loan, we believe it will be well worth the effort when you get approval.

There are actually more types of construction loans than you might imagine. This is just a small sample.

  • You could go for a construction-only loan. As the name implies, you get the loan before construction begins, and then you either refinance or pay the loan off after construction is complete. There are a couple of potential drawbacks, however. One is that you might have to go through multiple qualifications, having to qualify after each stage of construction is done. The other is that you may need to pay closing costs more than once.
  • What if you’re planning some home renovations? There’s a construction loan for that as well. If you’re approved, your money will probably paid out in stages. When the first stage is complete, you’ll get part of the loan. When the second is done, you’ll get another part – and so on until the renovation is done.
  • Another type of construction loan is a “construction-to-permanent” loan. You could get a loan that you’ll combine with a more typical home loan after the house is built. This might mean the two loans will come with different interest rates. It all depends on fluctuations in the prime lending rate.

Let Us Tell You More

One of the thing that separates us from the average mortgage company in Lake Orion, Michigan is that we will always work in your best interests. We won’t sugarcoat anything, because we respect our clients too much for that. If we don’t think it would be in your best interests to pursue a construction loan, we’ll tell you. If we believe the opposite, we’ll tell you that as well. Learn more by contacting Gem Home Loans online or calling (248) 780-1030.