Mortgages Rochester, Michigan

So, you have your eye on the home of your dreams in Rochester, Michigan, and are now looking for affordable mortgages. The specialists at Gem Home Loans are ready to help you explore your many options.

At Gem Home Loans, headquartered in Rochester Hills, MI, we offer a variety of lending products and are confident that one will work for your home financing needs. We work as mortgage brokers and are partnered with dozens of investors to find you the best rates, costs, and programs.

Fixed Rate Loans

• 30-year mortgage: The 30-year fixed-rate mortgage is the most popular home loan in the nation because it offers payments that are more budget-friendly than mortgages with shorter terms. This mortgage is a good choice if you want the security of a monthly principal and interest payment that won’t change over the life of your loan.
• 15-year mortgage: If your budget allows for a larger monthly payment, the 15-year fixed rate mortgage has several advantages. You’ll pay less mortgage interest, build equity faster, and can own your home in half the time.

Adjustable Rate Loans

An Adjustable-Rate Mortgage (ARM) has a fixed interest rate for several years, and then fluctuates over the life of the loan, with payments adjusting up or down to reflect the changing rate. This mortgage can be more affordable for some buyers because the initial rate is often lower than conventional fixed-rate mortgage options.

Government-Backed Loans

• FHA mortgage: FHA home mortgages, backed by the Federal Housing Administration, are popular among new homebuyers and first-time mortgage holders. More flexible than conventional loans, they offer low down payments, flexible loan options, and stable rates. While excellent credit scores will help you qualify for lower interest rates, even borrowers with lower scores can usually qualify.
• VA mortgage: Veterans and members of the U.S. military often rely on VA home mortgages. They are backed by the U.S. Department of Veterans Affairs and include low or no down payment options and less-stringent credit requirements. A veteran may borrow up to 100% of the purchase price.
• USDA mortgage: USDA home loans are backed by the U.S. Department of Agriculture and offer low interest rates and no down payments. You may be surprised to find just how accessible they are. USDA loans can be as high as $500,000 or more in pricey real estate markets like California and Hawaii, and as low as just over $100,000 in parts of rural America.

Construction Loans

Maybe you’ve found a fixer-upper on a perfect plot of land that would need a total renovation. Or maybe you’ve got a perfect piece of land in the ideal location, and all you need now is the house. So how do you get started? And how do you afford it?

Construction financing often consists of two loans. The first is a short-term loan that is used to build the home. The construction loan then automatically converts into a permanent mortgage when your home is finished. Gem Home Loans can also assist you with a variety of other popular types of construction loans.

As you search for affordable mortgages in Rochester, Michigan, consider the team of experts at Gem Home Loans. Visit us online or call us at (248)-318-2394, and let us help you meet your financial needs.