If you only have enough money for a minimum down payment for the house you want to buy, your choices of loan program will be limited to only a few types of mortgages. The DiMora Team are real estate experts in the Novi and Northville neighborhoods and we know if someone is giving you a gift for all or part of the down payment, your options are also limited. Of course, if you have enough for a large down payment, then you have lots of choices. Your loan choices include such varied programs as conventional fixed rate loans, adjustable rate mortgages, buydowns, VA, FHA, graduated payment mortgages and all the varieties of each. The reason you need to have at least some idea of your down payment is for shopping for interest rates. Some loan programs charge a slightly higher interest rate for minimal down payments. Plus, the interest rates for different loan programs are not the same. For example, conventional, VA, and FHA all offer fixed rate loans. However, the rates vary from one program to another. Check out below to see what sold in Country Place in August 2017:
21124 E. Glen Haven Circle, Novi: 2 bedrooms, 1 bathroom, 1,201 sq. feet, 1 car garage, Sold Price: $128,000
If you decide to shop for lenders by phone, the loan officer will be able to tell you which programs fit and quote your rates accordingly. However, if you are shopping on the Internet, you have to develop some idea of your loan program on your own. For more information on Country Place, or similar Northville or Novi neighborhoods such as Highland Lakes, Crosswinds West and Lakewoode Parkhomes, contact The DiMora Team today at 248-505-7728 or firstname.lastname@example.org.