Mortgage rates in Oakland Township, Michigan can create a lot of confusion, especially among first-time homebuyers. But Gem Home Loans experts can take away that confusion. We’ll tell you how mortgage rates work in clear, easy-to-understand terms, and we’ll work to help you find the best possible rate for your specific financial situation. You focus on the excitement of getting into a new home – we’ll take care of all the rest.

Reasons to Choose Us

Mortgage Rates Oakland Township, MichiganWhen you work with Gem Home Loans, you’ll be working with one person. You won’t get passed around from team member to team member, which is the case with several other mortgage companies. Even better, your Gem Home Loans expert will have a thorough understanding of not only the housing market in Oakland Township, but also the market in the rest of the state.

How Much Will Your Mortgage Rate Be?

If you’ve done any kind of research into mortgage rates, you already know there are a lot of factors that go into determining what you’ll wind up paying. Here’s a brief look at some of those factors.

  • Your down payment will have a major impact on your mortgage rate. If you can put down 20 percent or more, you’ll pay a lower rate. That rate will be much lower than someone who either can’t produce that much of a down payment, or can’t afford a down payment at all. The reason your rate will be lower is that lenders will view you as a worthwhile credit risk. But even if you can’t provide anything close to a 20 percent down payment, you may still be able to qualify for one of many attractive loan programs.
  • The price of the home will be another factor. The more the home costs, the higher the mortgage rate will be.
  • The length of the loan will be important as well. If you have the means to handle a 15-year mortgage, then you’ll pay much less in interest than if you had a 30-year mortgage. It’s very important, however, that you know you’ll have a much higher monthly mortgage payment.
  • Not only will the length of loan have an impact, so will the kind of loan you get. Many government loan programs, such as VA, FHA and USDA loans, are very different from conventional loans when it comes to qualification requirements and terms. Government loans often come with low interest rates as well.
  • Finally, your credit score will also play a big role in the amount of your mortgage rate. If yours is 760 or higher, congratulations. You’ll very likely qualify for an extremely low rate. But even if your score isn’t where you want it to be, that doesn’t mean you’ll have to resign yourself to paying a ridiculously high rate. We’ll be more than happy to tell you how.

Talk to Our Caring Professionals

Gem Home Loans experts know everything there is to know about mortgage rates in Oakland Township, Michigan. If you have any questions whatsoever, please don’t hesitate to get in touch. We want to make it as easy as possible to get into the new home you’ve been dreaming about for years. You can contact us by using our convenient online form, or you can give us a call at (248) 780-1030.