Planning on getting a home loan anytime soon? Before you do, you should know that there are two types of loans that are inherently higher in cost than their traditional mortgage counterparts. If your credit score is below 680 or you have credit blemishes or little equity, it can drive up the cost of a mortgage. This is why it’s so important to know what your credit score is before you shop for a mortgage. The DiMora team are real estate experts in the Novi and Northville neighborhoods and we know that a FHA loan has two forms of mortgage insurance. One is an upfront mortgage insurance premium financed and amortized over the loan term, which is based on 175 basis points of the loan amount. An additional monthly mortgage insurance premium is also applied using 135 basis points of the loan amount. A conventional loan there is no up-front mortgage insurance premium with conventional financing, just a monthly premium based on a varying range percentage of the loan amount sought. Check out below to see what sold in Lakewoode Parkhomes in July 2015:
39764 Village Wood Circle Novi: 2 bedrooms, 1 bathroom, 775 sq. feet, 1 car garage, Sold Price: $77,000
Lakewoode Parkhomes Home Sold
July 2015
39852 Village Wood Circle, Novi: 2 bedrooms, 1 bathroom, 860 sq. feet, 1 car garage, Sold Price: $80,900
Lakewoode Parkhomes Home Sold
July 2015
22808 Renford Street, Novi: 3 bedrooms, 1.1 bathroom, 1,005 sq. feet, Sold Price: $115,000
Lakewoode Parkhomes Home Sold
July 2015
22727 Cranbrooke Drive, Novi: 3 bedrooms, 1.1 bathroom, 1,184 sq. feet, 1 car garage, Sold Price: $147,000
Lakewoode Parkhomes Home Sold
No matter what your situation is, a qualified mortgage professional should be able to help you navigate the pros and cons of some of the pricier loans available in the market to determine which course of action is best suitable for you. For more information on Lakewoode Parkhomes, or similar Northville or Novi neighborhoods such as Country Place, Crosswinds West and Highland Lakes, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.