A 15-year mortgage in Michigan isn’t for everyone. However, if you’re approved – and you have the financial means to be able to pay off the loan – you’re going to enjoy some incredible benefits. Not only will you gain equity in the home much faster, you’ll also pay tens of thousands of dollars less in interest than if you had a 30-year program. Talk to an expert with Gem Home Loans. We’ll be more than happy to go over all the pros and cons, and to make sure you find a loan that provides the best fit possible.
Gem Home Loans has been around for a long time. We’ve helped thousands of people throughout the state of Michigan find the perfect loan for their specific financial situation. The reason people turn to us is simple – we’re different from the average mortgage company.
How is that the case? We’re not slaves to profit. The typical mortgage provider will care about only one thing – trying to make as much money as possible. That sometimes means they’ll try to steer borrowers in a certain direction, whether or not that direction is best for the client’s best interests. If a loan makes that company a huge commission, yet the client really can’t afford the terms, so be it.
We can’t stand that approach. It’s actually one of the biggest reasons why we started Gem Home Loans in the first place. When people work with us, we always make their best interests our top priority. Sure, we want to make money just like any other business. But we won’t sacrifice our clients’ best interests to do it. We’ll always provide an honest opinion as to whether or not we feel a loan is right for a client.
One example is the 15-year mortgage loan. It can be a fantastic choice for a borrower, or it could be a financial albatross that will lead to years of financial misery. Here’s a quick look at the advantages and disadvantages.
The Advantages
If you go with a traditional 30-year mortgage, you’ll not only have two times the mortgage payments than someone with a 15-year loan, you’ll also pay a whole lot more interest. In fact, someone buying a $250,000 home could pay up to $70,000 more in interest payments. If you had a 15-year loan, you could set that money aside for retirement, pay for your child’s college education, or do whatever else you like.
The Disadvantages
Any kind of mortgage is a major commitment, of course. But a 15-year mortgage is an even bigger commitment. You have to be 100 percent certain that you have the financial means to be able to pay the larger monthly payment. If you’re not completely sure that your situation will remain stable enough to handle this loan, you should look for other options. Also, you might not be able to afford as much home as you would by going the 30-year route.
Whether you’re looking for a 15-year mortgage in Michigan, or you’re interested in another type of program, speak with a Gem Home Loans expert as soon as you can. Just use our convenient online contact form, or give us a call at (248) 780-1030.
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