Gem Home Loans is the mortgage company Swartz Creek, Michigan homebuyers have been turning to for years. We’ve been the go-to source for so many people because they know they can trust us. They know we’ll never try to put them in a loan program that’s not just right for their financial situation. They also know that we truly care about our clients, and we will always act in their best interests – each and every time.

Is a 15-Year Mortgage a Good Idea?

Mortgage Company Swartz Creek, MichiganThis is a perfect example of how we’re different at Gem Home Loans. There are a lot of people who are fortunate enough to experience a sudden uptick in their yearly income, thanks to a new job or a fantastic raise. When this happens, many of them think that the first thing they should do is to change their mortgage from a 30-year program to a 15-year loan.

There are a lot of major advantages to doing so. The biggest is that they will pay off their loan in half the time, and they’ll also save an incredible amount on interest. For some homeowners, that can mean tens of thousands of dollars in their bank account.

Unfortunately, there are times where someone makes this kind of huge commitment without totally thinking it through – and there are far too many mortgage companies out there that will pounce. They don’t really care that a homeowner’s good fortune might only last a couple of years or so. Their mortgage payments will balloon, and it won’t be long until they simply can’t afford the new loan.

But by that time, the mortgage company will have already made its fat commission, so they won’t really care.

At Gem Home Loans, we won’t ever put our clients in that position. If you can truly handle the significantly larger monthly mortgage, and it looks like you’ll be able to do so for the duration of the loan, then, by all means, go for it. We won’t try to talk you out of it.

If, on the other hand, your financial situation won’t actually be as strong for the long term, then we will definitely recommend against changing your mortgage so dramatically. We’ll suggest you keep the extra money you’re making now, and save it for a potentially rainy day.

Other Uses for a 15-Year Mortgage Loan

So, let’s say it definitely looks like you’ll be able to handle this type of loan, but you’re not actually changing your current mortgage. You’re buying a home for the first time, or you plan on staying in the home you’re in for a long time.

You could, for example, use a 15-year loan to do major renovations, like adding another bedroom. Or, you might want to purchase some land so that you can build a brand new house at a later date. You’d be surprised at how you can use the money – we’ll tell you all of your options.

Contact Us to Learn More

Find out for yourself why Gem Home Loans should be the one you turn to first when you need a mortgage company that serves Swartz Creek, Michigan. You can get in touch with us by using our convenient online contact form, or by giving us a call at (248) 780-1030.