When preparing to buy a home, the first thing you need to do before you shop for interest rates – is look at your savings. The DiMora Team are real estate experts in the Northville and Novi neighborhoods and we know that determining how much money you have available for a down payment and closing costs affects almost every aspect of buying a home – including how you write your purchase offer, the loan programs you qualify for and shopping for interest rates. If you only have enough available for a minimum down payment, your choices of loan program will be limited to only a few types of mortgages. If you borrow all or a portion of the down payment from your 401K or retirement plan, different loan programs have different rules on how you qualify. Of course, if you have enough for a large down payment, then you have lots of choices. Check out below to see what sold in Northville Colony Estates in September 2017:
42215 Ladywood Drive, Northville: 4 bedrooms, 2.1 bathrooms, 1,952 sq. feet, 2 car garage, Sold Price: $325,260
Northville Colony Estates Home Sold
September 2017
16046 Winchester Drive, Northville: 4 bedrooms, 2.1 bathrooms, 2,101 sq. feet, 2 car garage, Sold Price: $332,000
Northville Colony Estates Home Sold
September 2017
15729 Winchester Drive, Northville: 4 bedrooms, 2.1 bathrooms, 2,204 sq. feet, 2 car garage, Sold Price: $390,000
Northville Colony Estates Home Sold
September 2017
Another reason you need to have a clue about your down payment is because it affects how you write your offer to purchase a home. Not only are you required to put your down payment information in the offer, but also different loan programs have different rules that also affect how you write your offer. This is especially important when dealing with FHA and VA loans. For more information on Northville Colony Estates, or similar Northville or Novi neighborhoods such as Orchard Ridge Estates, Lakes of Northville and Roma Ridge, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.