If you’re newly married, 35% of married couples purchase their first home together within two years of tying the knot. The DiMora Team are real estate experts in the Northville and Novi neighborhoods and we know that before you start looking at homes together and all the features they might offer, you need to get serious and broach a far less romantic topic: your credit scores. If one person’s credit score is substantially lower than the other’s, that could hinder the couple’s ability to qualify for a loan, or at least get an attractive interest rate. Knowing your credit scores before you meet with a lender is crucial. Doing so will also give you the opportunity to work on repairing any credit issues before you apply for a mortgage. Your future goals will affect which type of home—and loan—is right for you. For instance, if you’re planning to stay put for the foreseeable future, then a 30-year mortgage with a fixed interest rate may make the most sense, since this means your interest rate (and monthly payment) remains constant over the life of the loan. But, if you’re planning to move within a few years to a larger home to raise a family or move closer to your in-laws or work, then you should consider other options like an adjustable-rate mortgage which offers a lower interest rate than a fixed mortgage for an initial period of time, such as three to seven years. After that point, it can adjust up or down based on market indexes. Check out below to see what sold in Highland Lakes in July 2016:
19495 Eddington Place, Northville: 2 bedrooms, 1.1 bathrooms, 1,294 sq. feet, Sold Price: $132,000
Highland Lakes Home Sold
July 2016
42286 Norwood, Northville: 2 bedrooms, 1.1 bathrooms, 1,157 sq. feet, 1 car garage, Sold Price: $147,000
Highland Lakes Home Sold
July 2016
19479 Eddington, Northville: 3 bedrooms, 2.1 bathrooms, 1,380 sq. feet, Sold Price: $150,000
Highland Lakes Home Sold
July 2016
There are several types of homeownership to choose from when purchasing property with your spouse. The most common is joint tenancy, where each person holds equal interest in the property and its distinguishing factor is that in the event one spouse dies, that person’s interest in the property automatically conveys to the surviving spouse (also know as “right of survivorship”). For more information on Highland Lakes, or similar Northville or Novi neighborhoods such as Country Place, Crosswinds West and Lakewoode Parkhomes, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.