Whether this is your first time buying a home or you’re a seasoned veteran, home loans in Berkley, Michigan can come with a great deal of stress. You have a ton of options, but when you research those options, you quickly realize there’s a lot of information you need to process. In many instances, that information is written in a way that’s not that easy to understand. At Gem Home Loans, we’ll take away all of that stress and confusion.
Our team members are true experts in home loans, with several years of experience. When you choose Gem Home Loans, we’ll make sure you completely understand all of your loan options. We won’t try to push you into one direction or another – we’ll just spell out the facts, make recommendations, and then let you make your ultimate decision. Once you do, you’ll be completely confident you’ve made the right choice.
These are just a few of the ways we can help you get into the home of your dreams.
As the name implies, this kind of mortgage has one interest rate – the one you’ll pay for the life of the loan. If you like predictability, a fixed-rate mortgage might be just right for you. You’ve no doubt heard of a 30-year fixed-rate mortgage, but there are other options as well. You could get a fixed-rate mortgage for as little as 10 years, or for 15, 18, 20 or 25 years – whatever works best for your specific situation.
If you don’t mind some fluctuations in your monthly interest rate, then this might be a good option to consider. An ARM has an interest rate that could go up and down during a loan. You’ll usually pay less interest for a few years, then it will change.
One example is a so-called “5/1 ARM.” This simply means that you pay a fixed rate for the first five years of your mortgage, and then it will adjust every year afterward. Gem Home Loans can match you with a 5/1 ARM, or a 3-, 5-, 7- or 10-year ARM. Get in touch with us for more details.
You might not like the options listed above, so-called “conventional” loans. You might want to explore government-backed loans instead. One example is an FHA (Federal Housing Administration) loan. This might help you get into a home with a lower down payment, or if your credit score isn’t exactly where you’d like it to be.
There are plenty of other government loans as well, namely VA (Veterans Administration) loans. If you’re an active or retired member of the military, there’s a very good chance you’ll qualify. VA loans are incredible – you don’t need a sterling credit score, you don’t have to put any money down, and you won’t have to deal with paying PMI (private mortgage insurance). A Gem Home Loans representative can tell you much more.
Non-Qualified Mortgages
You might not have heard of these before. Non-qualified mortgages are typically for people who are self-employed, or whose income tends to fluctuate. They might not have great credit scores, or may not be able to qualify because they don’t have the traditional pay stubs, tax returns, or W-2 forms.
If you have any questions about home loans in Berkley, Michigan, Gem Home Loans will have the answers. Just contact us online or call (248)-780-0601.
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