Gem Home Loans might not be the only mortgage company in Livonia, Michigan, but we believe we’re the best. Our professionals are not only experts, we also truly care about our clients. We’ll make sure you totally understand all of your options when it comes to a home loan. You’ll be 100 percent certain you’re making the very best decision possible as a result.
To say we’re client focused is a major understatement. We’ve seen how other mortgage companies work. They have one main priority – to make as much money as they absolutely can. Sure, every company wants to turn a profit. But we want to do it the right way, by working in the best interests of our clients. We won’t try to influence you toward pursuing a certain type of loan because we’ll make a huge commission. We’ll only recommend the loans we truly believe will work with your budget.
Just about every person in the market for a home has heard of a fixed-rate mortgage – specifically, a 30-year fixed-rate mortgage. What you might not know is that we have several other options as well. Gem Home Loans can provide you with a 10-year loan, a 15-year loan, or even an 18-, 20- or 25-year loan.
You might be better off with a 30-year loan, since the steady P&I (principal & interest) payments will be within your budgetary limits. But if you can handle a higher monthly payment, then you might want to consider a shorter-term mortgage loan. Not only will you build equity in your home much faster, you’ll also pay a great deal less interest. There’s a chance you could actually save tens of thousands of dollars in interest over the life of the loan.
There are a lot of factors, of course, that will go into what type of interest rate you’ll be able to get. These include the amount you can put down, your credit score, and others. In most cases, however, the shorter the loan, the less you’ll pay in interest.
Again, though, it will be very important you realize that a shorter-term loan will mean a higher monthly mortgage payment. If your budget is tight, or your income isn’t at a certain level, then this definitely won’t be a good option. But if you are confident you’ll have the money it takes to make your payments for the life of the loan, then a 10- or 15-year fixed rate loan will definitely be worth considering.
Of course, fixed-rate mortgages aren’t the only ones available. If you don’t mind a little uncertainty, you might want to think about an ARM (adjustable-rate mortgage). This starts out with a low interest rate, but after a while it will adjust. You might, for example, pay a fixed rate for seven years, and then pay an adjustable rate every year afterward. If interest rates go up, so will your monthly payment. But if they go down, your payment will go down as well.
The professionals with Gem Home Loans – the best mortgage company in Livonia, Michigan – would love to tell you more about the many things we can do for you. Just contact us online for more information, or give us a call at (248) 780-0601. We can’t wait to speak with you.