If you’re considering an alternative to a non-conforming loan, you might find that the use of a land contract would work better for you. The DiMora Team are real estate experts in the Northville and Novi neighborhoods and we know that a land contract is an agreement between a buyer and a seller, where the buyer agrees to make periodic payments to the seller. The title to the property only transfers to the land contract buyer on fulfillment of the land contract obligations. A land contract may be helpful for those who need time to establish or improve their credit rating. There are only small closing costs and payment can help establish a good mortgage payment record. This can help establish an overall good credit rating for a buyer and it is possible for the buyer to later refinance the land contract with a conforming loan. Check out below to see what sold in Northville Trails in June 2019:
40669 N. Northville Trail, Northville: 3 bedrooms, 2 bathrooms, 2,393 sq. feet, 2 car garage, Sold Price: $440,000
Northville Trails Home Sold
June 2019
Another alternative to a non-conforming loan is assuming the seller’s mortgage. By assuming a mortgage, it is possible to save on closing costs and may allow you to obtain a favorable interest rate. For more information on Northville Trails, or similar Northville or Novi neighborhoods such as Orchard Hills West, Parkstone and Woodside Village, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.