Is it best to put a lot of cash down when you buy a house or get a higher mortgage? The DiMora Team are real estate experts in the Northville and Novi neighborhoods and we feel its best to consider borrowing more money since its a tax write off (at least for now ) for the interest you pay on your mortgage. In the early years of your mortgage you are primarily paying off interest and not much principal so it’s a nice deduction on your taxes which usually results in you getting that money back in a refund or reduced taxes. Even if you don’t need the deductions its a good idea to consider that and then speak with a very good lender as to what the payments would be like to finance more than less. It’s also best if you can put 20% minimum down to avoid paying Private Mortgage Insurance which will be required for most loans and can add a substantial amount to your mortgage payment. Check out below to see what sold in Country Place in February 2016:
42160 Pellston, Northville: 2 bedrooms, 2.1 bathrooms, 1,120 sq. feet, 1 car garage, Sold Price: $94,000
Country Place Home Sold
February 2016
21332 E. Glen Haven Circle, Northville: 2 bedrooms, 2.1 bathrooms, 1,120 sq. feet, 1 car garage, Sold Price: $120,000
Country Place Home Sold
February 2016
42104 Gladwin Street, Northville: 3 bedrooms, 2.1 bathrooms, 1,522 sq. feet, 1 car garage, Sold Price: $130,000
Country Place Home Sold
February 2016
Currently, the interest from a home mortgage is tax deductible although interest from a personal credit loan is not. So, you must compare what the lender will charge for a mortgage versus a personal loan. These rates vary from state to state and lender to lender. For more information on Country Place, or similar Northville or Novi neighborhoods such as Highland Lakes, Crosswinds West and Lakewoode Parkhomes, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.