One of the biggest benefits of using a mortgage broker like Gem Home Loans in Rochester Hills, Michigan, is that we can often find lenders willing to accept borrowers with less-than-stellar credit, non-W2 income, and other unique financial situations. We offer a wide range of mortgages from many different types of lenders.

Mortgages Rochester Hills, Michigan

Gem Home Loans is a client-focused lender that prefers working one-on-one with clients in building custom financial solutions. We have a dedicated team of experienced professionals who understand Michigan and the local housing market and who love what they do.

Our goal is to get to know you so we can fully understand your family’s needs and find you the best products for your new home, second home, or investment property. We are dedicated to providing you with the highest level of personalized attention and customer service throughout the home financing process.

Home Mortgage Basics

  1. Conventional fixed-rate mortgages

Most borrowers are familiar with the 30-year fixed rate mortgage, a very popular type of home loan, and assume that this is the type of mortgage they need. However, you will also find 10-year, 15-year, 18-year, 20-year and 25-year fixed rate options available from Gem Home Loans.

With a fixed-rate mortgage, the interest rate will remain the same for the entire loan term, and the payment will be the same every month.  Loans with shorter terms, like 15-year fixed rate mortgages, enable you to pay less interest, pay off your debt faster, and build equity faster.

  1. Conventional adjustable rate mortgages (ARMs)

Interest rates on Adjustable-Rate Mortgages (ARMs) can fluctuate every year based on the market. They can be attractive to new home buyers because the initial interest rate is lower than the rate on a fixed-rate mortgage.  If interest rates rise, however, the mortgage payments will also rise.

ARMs can be a good option for borrowers who intend to own their homes for only a few years, or who are confident they’ll be able to refinance the mortgage at a reasonable fixed-rate before the interest rates adjust.

  1. VA Mortgages / Mortgages for Veterans

VA, or Veterans Administration, home loans are insured by the Veterans Administration and available only to Veterans or the eligible dependents of Veterans. Some of the benefits of these mortgages can be no down payment, no private mortgage insurance, and more flexible qualifying requirements.

  1. FHA Mortgages 

An FHA mortgage is a government-backed home loan that has less stringent down payment and credit requirements than those for conventional loans.  Some benefits of the FHA program can be broader credit score qualifying, lower down payment, and more.

  1. USDA Home Loans

The U.S. Department of Agriculture also offers a home mortgage called a Rural Housing Loan or USDA Loan. Because of the way the USDA defines “rural”, there are plenty of suburban neighborhoods across the nation where USDA loans can be used. The program offers low interest rates and no down payments, and you may be surprised to find just how accessible it is.

Other Mortgage Options

Gem Home Loans can also help you find construction loans, jumbo loans, and mortgages for borrowers who are not eligible for traditional mortgages.

As you evaluate your options for home mortgages in Rochester, Michigan, consider Gem Home Loans. Get in touch with us at (248)-318-2394 or contact us online to discuss your many options one of our experts.