You’ve no doubt seen mortgage company commercial before screaming at you something along the lines of, “mortgage rates in Berkley, Michigan are at all-time lows!” But is that company really concerned about what’s in your best interests, or will they try to force you into pursuing a loan that really won’t make sense for your financial future? At Gem Home Loans, we’ll always do what’s best for you and your family. We won’t try to push you in a certain direction because it will make us a load of money.
Gem Home Loans has a team of caring, friendly professionals who have a deep understanding of the Michigan housing market. Even more importantly than that, however, is the fact that we deliver personalized attention. When you choose us, you’ll be working with the same team member throughout the process. We won’t pass you from person to person, and we won’t disappear when you need us the most. You’ll always be able to count on us to be here to answer any questions you may have, and to address any concerns you may have.
There are a lot of factors that go into determining what your mortgage rate will be. Some of them you can control, like the amount of money you put down, the kind of home you purchase, and the kind of loan you select. You can even control your credit score, even if it might take a while to get it to where you want it to be.
At Gem Home Loans, we have relationships with dozens of investors. As a result, we can shop for the very best rate possible that fits your specific financial situation.
A mortgage company is independent, just like about every other type of financial institution. That means mortgage lenders set not only the interest rate, but also the repayment schedule of a loan, and the length of that loan (known as the “term”). Typically, lender rates will be a bit different, between .25 and .5 percent. But if you choose wisely, you can save a lot of money.
Let’s say you’re looking to borrow $400,000. You’d like a 30-year, fixed-rate loan. If you can find one with a 3.75 percent rate, you’d pay a little more than $1,850 per month. If your rate was 4.25 percent, that amount would jump to $1,968 a month. That seemingly minor difference in interest rate can really, really add up. That larger rate would cost you about $7,000 more just in the first five years of the loan – about $42,000 more over the life of the loan.
That’s why it’s so important to shop around. Gem Home Loans can do that for you. We can negotiate for you between different lenders. If one loan isn’t quite what you need, we can work to get that lender to make whatever adjustments might be needed.
The professionals with Gem Home Loans can tell you much more about mortgage rates in Berkley, Michigan. We’d love to work with you and get you into the home you’ve been dreaming about for years. If you would like to learn more about us, or learn more about how we can help, please contact us online or call (248) 780-0601.