If you are looking for an alternative to a traditional mortgage, an assumable mortgage might be an option. It’s a loan that allows a buyer to take over a seller’s current loan, typically with no change to the terms or interest rate. The top benefit to assuming a loan is a lower interest rate than you could get by applying on your own. In addition, your closing costs will be reduced. The DiMora Team are real estate experts in the Northville and Novi neighborhoods and we know that you’ll still have to pay some fees for the loan qualification process. Conventional loans are rarely eligible for assumption—most typically require the loan to be paid in full when the property is sold or transferred to another owner. VA and FHA loans are eligible for assumption. In addition, you’ll typically need significant cash or to take out a second mortgage if the current home price is more than the remaining mortgage. Check out below to see what sold in Hills of Crestwood in July 2015:
17575 Hilltop View Drive, Northville: 4 bedrooms, 4.1 bathrooms, 3,687 sq. feet, 3 car garage, Sold Price: $592,500
A good lender will help you decide whether a loan assumption or a traditional finance makes the most sense for your home purchase. For more information on Hills of Crestwood, or similar Northville or Novi neighborhoods such as Kirkway Estates, Quail Ridge and Chase Farms, contact The DiMora Team today at 248-505-7728 or email@example.com.