Local Mortgage Lenders Troy, Michigan

Many people turn to banks when looking for local mortgage lenders in Troy, Michigan. What they don’t know going in, in many cases, is that working with a bank will really limit their options when it comes to getting a home loan. They will usually have to take what the bank offers, or move on. Gem Home Loans gives you a wide variety of options, since we work with dozens of lenders. We’ll negotiate on your behalf to find the loan that best suits your budget, and will best help ensure your financial future.

Mortgage Pre-Approvals

The pre-approval process is a huge part of getting a mortgage. When you’re pre-approved, it will make things a whole lot easier. Not only will you be able to close much faster, you’ll also get a much lower interest rate. People who are selling a home will typically want to work with buyers who are pre-approved. The reason is simple – it means sellers won’t have to deal with any hiccups.

However, before you start working with anyone to try to get pre-approved, there are a few things you’ll need to keep in mind. The following is a list of just a few of those things.

• Your credit score – This is more than likely the biggest factor that will determine whether or not you qualify for pre-approval. Obviously, you want the best interest rate. But in order to get that, you’ll probably need a score no lower than 760. That’s just not realistic for most of us. But you’ll still have a chance to get pre-approved if you have a score no lower than 620. Just remember that the lower the score, the higher your down payment will be.

• Your employment status – Do you have a stable, steady source of income? That will definitely help you get pre-approval. You’ll need to be aware of the fact that lenders will contact your employer to get verification. But many people aren’t traditional employees, they’re self-employed. If that’s the case, you’ll still have to find a way to prove your income is stable. You’ll also need to show that there’s a high demand for the services you provide.
  

• Your financial situation – If you want a loan – especially if you want pre-approval – you’re going to experience some scrutiny of your financial picture. Lenders will need to know you have the ability to handle not only a down payment, but also closing costs. If you have investment accounts, lenders will want to see them. They’ll also want to see your latest bank statement. If you’re going for a conventional loan, expect to have to put down at least 20 percent of the home’s value. If you’re going for a government-backed loan, however, such as a VA loan, you might not have to produce any kind of down payment.
  

Confused? Concerned? Contact Gem Home Loans

Working with local mortgage lenders in Troy Michigan can be scary. At Gem Home Loans, we get it. That’s why we make it a point to take as much stress, confusion and frustration out of the homebuying process as possible. After all, this should be an exciting time in your life, not one filled with a bunch of worry. Learn more about how we can help by giving us a call at (248) 780-1030 or contacting us online.