Home loans from family or friends can be good for you as a borrower, but asking for money can be tricky, considering the large sum involved. Don’t enter into a private home loan lightly, it’s a legal contract. The DiMora Team are real estate experts in the Novi and Northville neighborhoods and we know that if you plan ahead, structure the loan carefully, and explain how the loan can work to the lender’s advantage, everyone can be more comfortable about the arrangement. Private home loans aren’t that different from a loan from a bank or a credit union. Both lender and borrower sign a promissory note stating the terms of the agreement. Check out below to see what sold in Dunbarton Pines in July 2015:
44898 Roundview Drive, Novi: 4 bedrooms, 2.1 bathrooms, 2,344 sq. feet, 2 car garage, Sold Price: $341,000
Dunbarton Pines Home Sold
July 2015
You can determine a repayment schedule that works best for you — monthly, semiweekly or any other. Don’t take advantage of your lender’s generosity, though: You are still legally obligated to make payments as stated in your promissory note. For more information on Dunbarton Pines, or similar Northville or Novi neighborhoods such as Maple Hill, Royal Crown and Turtle Creek, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.