There comes a time in many young adults lives when they begin to think about owning a home. Home ownership is, after all, the American Dream, but it’s not the right choice for everyone at a prescribed time. The DiMora Team are real estate experts in the Northville and Novi neighborhoods and we know that mortgage lenders expect to see stability in your employment history, so they’ll look more favorably on buyers who have been employed in the same field for at least two years. Lenders also want buyers to have two-three months of mortgage payments saved in reserve. You’ll need to review your current credit score, and the higher your score the better chance you’ll have to be approved for the mortgage loan. If there’s anything on your credit report that’s not entirely favorable, try to resolve it if possible. To determine how much house you can afford to buy, another common rule of thumb is the 28/36 rule. Your monthly housing payments, including your mortgage, insurance and property taxes, should not exceed 28 percent of your gross monthly income. Your total debt should not exceed 26 percent of your gross monthly income. Check out below to see what sold in Northville Hills Golf Club in February 2016:
45765 Tournament Drive, Northville: 4 bedrooms, 3.2 bathrooms, 4,419 sq. feet, 3 car garage, Sold Price: $695,000
If you understand both the financial and emotional ramifications of home ownership, and think your current lifestyle and future goals fits into those perameters, then happy home hunting! For more information on Northville Hills Golf Club, or similar Northville or Novi neighborhoods such as Pheasant Hills, Autumn Park and Woodlands of Northville, contact The DiMora Team today at 248-505-7728 or email@example.com.