When parents decide to help their children invest in their first home we see a variety of ways to make this happen. The DiMora Team are real estate experts in the Novi and Northville neighborhoods and we see some parents co-sign on the mortgage and others give or lend money for the down payment. We have even seen a few parents decide to put enough money down to “buy down” the mortgage interest rate, allowing for the rate to be lower in the first few years making it easier to qualify for the loan by lowering the monthly payment. Check out below to see what sold in Crosswinds West in November 2017:
39928 Crosswinds, Novi: 2 bedrooms, 1.1 bathrooms, 1,120 sq. feet, 1 car garage, Sold Price: $143,000
Crosswinds West Home Sold
November 2017
21108 Edgewater, Novi: 2 bedrooms, 1.1 bathrooms 1,100 sq. feet, 1 car garage, Sold Price: $148,000
Crosswinds West Home Sold
November 2017
The concept of equity sharing, although used by builders and real estate investors, may also be one of the best methods for helping your children buy a house. Shared equity allows them to feel less indebted than with an outright loan, and at the same time gives parents an added tax advantage. For more information on Crosswinds West, or similar Northville or Novi neighborhoods such as Country Place, Highland Lakes and Lakewoode Parkhomes, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.