Mortgage Company Oxford, Michigan

Have you ever worked with a mortgage company in Oxford, Michigan, before and been less than thrilled with the experience, to say the least? If so, you’re definitely not alone. People who turn to big banks and other impersonal mortgage providers often regret their choice. The reason is that these loan companies view them as little more than a chance to make a huge commission. But Gem Home Loans isn’t like that. We want to set you up for success, both now and in the future. We’ll never try to saddle you with a burdensome loan just because it will make us a ton of money.

Thinking of a Construction Loan? 

We offer a wide variety of loans. Not only do we provide conventional and government home loans, we also offer loans that are a little off the beaten path. A construction loan is one example.

A lot of homebuyers would rather have their own home built on a plot of land they’ve purchased. If you want to build yours from the ground up, we may be able to help. Or, you might want a loan to purchase a home that needs a lot of fixing up. We can help you with that as well.

One thing you should know, however, is that a construction loan is different from just about any other type of home loan. It can be much more complex, and harder to get. Since a lot of prospective borrowers don’t have a lot of collateral, that can make getting one more difficult. The processing of this kind of loan also takes longer to complete.

But we’re not trying to dissuade you from trying to get a construction loan at all. In fact, it could prove to be a fantastic choice. There are several kinds of construction loans to choose from. Here are just a few to keep in mind.

• Construction only – Once the home is complete, then you’ll either have to refinance this loan or pay it out. You also might need to pay closing costs more than once, and you might need to requalify a few times.
• Renovation loans – Are you planning to flip a home, or move in after you fix it up? If that’s the case, then you might want to consider a renovation loan. It will more than likely roll into your regular mortgage loan once the renovation project is done. You’ll get funds on a draw schedule, which simply means funds for the second part of the project will be released after the first phase is completed. If there’s a third phase, the funds will be released after the second is finished, and so on.
• Construction-to-permanent – After the house is built, this loan will move over to a regular mortgage.

Interest rates tend to be higher for construction loans than conventional loans. It can also be hard to find a lender that handles construction loans, since a lot of them don’t advertise the fact that they do.

Learn More By Talking to a Gem Home Loans Representative

The professionals with Gem Home Loans want you to think of us first whenever you’re looking for a mortgage company in Oxford, Michigan. If you would like to learn more about what we can do for you, contact us online or call (248) 780-1030.