The DiMora Team are real estate experts in the Novi and Northville neighborhoods and many people have asked us what is the difference between a home equity line of credit and a home equity loan. They are both the same in one way: they allow you to borrow against the value of your home. A home equity loan is distributed in a lump sum and then paid back over time, typically with a fixed-rate loan. A home equity line of credit works similar to a credit card; in fact, many come with a set of checks and a credit card. In addition, you’ll need good to excellent credit, and you must have the job stability and income to demonstrate you can repay the loan. Your home will need to be appraised to be certain of its value. Check out below for what sold in Roma Ridge in May 2015:
24526 Picara Drive, Novi: 4 bedrooms, 2.1 bathrooms, 2,924 total sq. feet, 2 car garage, Sold Price: $359,000
Roma Ridge Home Sold
May 2015
24688 Naples Drive, Novi: 4 bedrooms, 2.1 bathrooms, 2,745 sq. feet, 2 car garage, Sold Price: $365,000
Roma Ridge Home Sold
May 2015
The best way to evaluate your options is to discuss your individual circumstances with a lender. For more information on Roma Ridge, or similar Northville or Novi neighborhoods such as Lakes of Northville, Turtle Creek and Dunbarton Pines, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.