Are you looking for a mortgage company in Rockford, Michigan to help you find the best loan for your specific financial situation? Then you’ve come to the right place. Gem Home Loans has made a reputation helping clients in ways that other mortgage companies either can’t, or won’t. We don’t try to force our clients into any sort of “box,” trying to persuade them to get a loan because it will make us a fat commission. Our professionals work with clients to make sure they find a loan that will work perfectly – not one that will help us boost our profits.

Should You Consider a 15-Year Mortgage?

Mortgage Company Rockford, MichiganThis is a prime example. There are companies out there that will try to talk you into pursuing a 15-year, rather than a 30-year mortgage – whether or not it’s really in your best interests to do so? Why is this the case? It goes back to greed. That company is going to see a huge windfall if it can sell that loan. If it leads to years of financial misery for you, well so be it.

Gem Home Loans doesn’t work that way. We never have, and we never will. In fact, we really hate that way of doing business.

That’s not to say we don’t think 15-year mortgages are great. They’re actually fantastic – as long as the home buyer can handle the terms. These mortgages cost a lot more money every month – a lot more. But they allow homeowners to pay off their homes much faster, and save a great deal of money in interest. In fact, they can save tens of thousands of dollars (possibly even more) over the life of the loan, compared to a 30-year note.

However, a 15-year mortgage is a huge responsibility. You’ll need the financial wherewithal to be able to afford the higher monthly payments. If you’re in a great position, that’s excellent. You’ll be able to swing the payment without sacrificing in other areas. But if you’re not 100 percent certain you can do this, you’ll be much better off going the 30-year route.

Again, we don’t want to dissuade you from getting a 15-year mortgage – we just want to make sure you’re not going to be miserable. When you work with us, we will make sure that whatever loan you get will be one that will keep you financially stable for years to come.

Other Ways to Use a 15-Year Mortgage

Most people assume they can only get this kind of mortgage to buy a new home, but that’s not the case at all.

For example, you could use a 15-year mortgage to pay for any major renovations to your current home. You might be planning to stay in that house for decades to come, but you really want to fix it up. You might also be considering a land purchase so that you can build your dream home one day. A 15-year loan could help you do that as well.

Get in Touch

The professionals with Gem Home Loans are ready to show you why so many people choose us as their mortgage company in Rockford, Michigan. You can contact us online or give us a call at (248) 780-1030 to learn more about what we can do for you.