When buying a house, the typical down payment for a home is 20% of its price; so, for a $475,000 home, you should have $95,000 saved up. The DiMora Team are real estate experts in the Novi and Northville neighborhoods and we know that if you don’t have 20% saved up, and you’re not in a position to secure these funds, you’ll need to secure private mortgage insurance (PMI). In turn, your monthly mortgage payment will increase. This isn’t a bad thing, and there are plenty of loans that allow you to make a smaller down payment — so long as you also secure PMI. Check out below to see which home has just been listed in Maples of Novi in October 2024:
41840 Cantebury Drive, Novi: 3 bedrooms, 3 bathrooms, 1,500 sq. feet, 1 car garage, Listed Price: $289,900
Maples of Novi Home Just Listed
October 2024
Make sure to also save funds for costs related to the actual buying process, like closing costs, earnest money, or purchasing mortgage discount points. You may also want to consider saving up for any repairs, renovations, or upgrades you may want to make in case your future home isn’t exactly as you’d like it to be. For more information on Maples of Novi, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.