It can be a little intimidating to apply for home loans in Plymouth, Michigan, because there’s a lot of misinformation out there. Gem Home Loans wants to bust some of these myths, because we want you to be as comfortable as possible when trying to get into a new home. Here are just a few examples of some of the more common misconceptions that people have regarding the home loan process.
Most people assume that they won’t have any hope of getting approved for a home loan because their credit isn’t where they want it to be. In fact, they may not even try to get a loan. But the fact is that a bad credit score doesn’t necessarily mean you can’t get a mortgage you can afford.
Sure, having great credit is awesome, and can help you get a fantastic interest rate. But there are still programs that can help those with lower scores. The bottom line is that you don’t have to give up on the idea of finding a home you’ll love just because of your credit. Talk to a Gem Home Loans experts and we’ll show you how we may be able to help.
It’s great to have that much money in your account so you can simply write a check for a down payment of 20 percent of the home’s purchase price. But for a lot of us, that’s not reality. If you can’t afford this kind of down payment, there are still programs that can help. A government-backed loan from the Federal Housing Authority (FHA), for example, requires as little as 3.5 percent down.
Even better, if you qualify for a Veterans Administration (VA) loan, you might not have to put down anything. Get in touch with us and we’ll be happy to spell out all of your options, whether or not you have the money for a substantial down payment.
Renting doesn’t get you anywhere in the long term. You’re putting money in the landlord’s pocket instead of putting it toward a return on your investment. In fact, if you get a fixed-rate mortgage you’ll actually be saving money, since rent will typically go up from year to year. A fixed-rate mortgage means you’ll be making the same principal and interest payments every month.
If you can make a monthly rent payment, there’s a pretty good chance you’ll be able to afford a monthly mortgage. A Gem Home Loans expert can give you a good idea of what you might be able to borrow in order to make your dreams of home ownership come true.
It’s true that getting a home loan in Plymouth, Michigan can be complex, and even intimidating. The best defense against feeling that way is to be as educated as possible. Talk to a friendly Gem Home Loans professional and we’ll give you a clear, easy to understand explanation of your potential options. Call (248) 780-1030 or use our online contact form. We look forward to hearing from you.
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