When you try to decide how much you can afford to pay for a house on a monthly basis, it can be a very tricky calculation. The DiMora Team are real estate experts in the Novi and Northville neighborhoods and we know that the lending industry uses a ratio to determine how much of your monthly income should go toward your mortgage payments. This ends up being usually around 28% to 31% of your gross monthly income. Another way that first time home buyers can estimate their monthly payment is by comparing it to their current rental payment. There are additional expenses that go along with homeownership that should be factored into your calculations. And on the other hand, there are potential tax deductions that could potentially reduce the amount you owe state and federal governments that should also be considered. Check out below to see what sold in Churchill Crossing in November 2017:
24246 Thatcher Court, Novi: 4 bedrooms, 3.1 bathrooms, 3,377 sq. feet, 3 car garage, Sold Price: $520,000
Churchill Crossing Home Sold
November 2017
You can also use a mortgage calculator to figure out a monthly payment amount for the amount of loan you will need to purchase a house. This will include the principal and interest on the loan amount. You will also need to know the state and local real estate taxes on the property. Also, you will want to factor in the homeowners insurance as well as any homeowners association due and/or condo dues. For more information on Churchill Crossing, or similar Northville or Novi neighborhoods such as Addington Park, Quail Ridge and Walden Woods, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.