When people start the process of buying a home, one of the first things they look at is the mortgage rate. Mortgage rates in Royal Oak Michigan can fluctuate wildly, and can vary between lenders. Far too many people simply accept the rate they get from their bank and don’t shop around for something better. At Gem Home Loans, we’ll do the research to help you find the best rate, and also help you save a great deal of money in the process.

How Gem Home Loans Can Help You Find a Great Mortgage Rate

Mortgage Rates Royal Oak, MichiganGem Home Loans offers a wide range of lending products, so you can rest assured we’ll be able to help you find the best one to fit your specific financial situation. We work with many, many different investors, so we’ll not only help you find the best rate, we’ll also help you find the best program at the lowest cost.

It can seem overwhelming to realize you’ll have so many options when you choose us. But we’ll take the time to carefully explain all of those options so you can be confident in your final decision. We’ll do a quick assessment of your income, credit use, debts, assets and more to find the programs for which you’ll qualify.

What to Do Before Shopping Around for a Mortgage

The mortgage rate can make or break your ability to buy a home, so it’s obviously critically important. While we’ll work hard to find you the most affordable rate, there are a few ways you can help yourself find a rate that will get you into the home you want.

  • Get your credit in order – Your credit score will be one of the biggest factors that will go into determining your mortgage rate. A big chunk of that score is based on your repayment history. Paying all of your bills on time will go a long way toward boosting your score. Also, don’t apply for any new credit accounts while you’re shopping for a good rate, and don’t close any accounts. Look closely at your credit reports to make sure everything is accurate. If there’s something wrong, make sure it gets corrected or removed from your report.
  • Work on reducing your debt – Another way to help your credit score is to try to keep your card balances at about 30 percent of your limits. That will prove to lenders that you’re responsible when it comes to handling your finances. If 43 percent of more of your income goes toward paying your debts each month, it will be hard for you to find a good mortgage rate.
  • Get pre-approved – Gem Home Loans can help you speed the process of buying a new home by pre-approving you for a mortgage. This is basically a letter that contains a review of your finances from information such as credit reports, tax returns, pay stubs and more. If you can get pre-approved, that will make it a lot easier for you to get the home of your dreams.

Let Gem Home Loans Make Life Easier

The experts with Gem Home Loans can help you find the best mortgage rates in Royal Oak Michigan. You can give us a call at (248) 780-0601 or use our online form to get in touch.