If you’re looking into mortgage rates in Novi, Michigan, that probably means you’re interested in buying a new home. This should be an exciting time in your life, not one filled with a lot of stress, confusion and frustration. At Gem Home Loans, we’ll make it a point to get rid of all that anxiety so you can focus on starting your new life. You’ll never have to worry about us trying to push you into accepting any specific kind of loan. We will tell you your options, and then let you make the decision that makes the most sense for your financial future.

Experience the Gem Home Loans Difference

Mortgage Rates Novi, MichiganUnfortunately, there are some mortgage providers that will apply high-pressure tactics in an effort to convince someone to pursue a certain type of loan. These providers only care about one thing – making the biggest commission they can possibly make. If that means a homeowner will face years of financial problems as a result, that’s the way it goes.

The professionals with Gem Home Loans can’t stand that way of doing business. In fact, we hate it so much we started this company to combat those tactics. We will work very hard to have a deep understanding of your family’s financial needs. We’ll then work to find the best loan available – one that not only offers the lowest mortgage rates, but also the most manageable payments.

Factors that Determine a Mortgage Rate

So, one of the first things you’ll probably be wondering is how much your mortgage rate will be. The quick answer is, “It depends.” These are just some of the factors that will play a large role in determining how much interest you’ll pay.

  • Your credit score – If you can boost your credit score, that would go a long way toward lowering your rate. The best rates will typically go to borrowers with a credit score of 760 or higher. That might not be realistic for you – at least not at this time. But if you could pay down your credit card debts and make sure any inaccuracies are removed from your report, you could wind up getting a reduced rate.
  • The home’s price – Your mortgage rate will also depend a lot on what kind of home you’re purchasing. The lower the price of the home, the lower the rate will generally be. If you’re planning to buy a home in an expensive part of town, then you might need to apply for a jumbo mortgage loan. This would result in a higher rate.
  • The amount of your down payment – The larger your down payment, the lower your interest rate will be. If you’re one of those fortunate enough to be able to put down 20 percent or more, lenders will look at you as less of a risk. You’ll enjoy very low rates as a result, in most cases.
  • The length of the loan – If you can handle the higher monthly payment, you might want to try to pursue a 15-year rather than a 30-year mortgage. You’ll be paying much less interest.

Let the professionals with Gem Home Loans tell you more about mortgage rates in Novi, Michigan. You can give us a call at (248) 780-0601, or you can get in touch by using our convenient online form.