When applying for a mortgage, conventional mortgages typically require a credit score of at least 620; anything lower than this shows mortgage lenders you’re a high risk for a mortgage loan. The DiMora Team are real estate experts in the Novi and Northville neighborhoods and we know that ideally, a credit score of 740 or above demonstrates you to be a strong, lower-risk candidate to lend to. Having a strong credit score also allows you greater options of possibly securing lower down payments, lower private mortgage insurance (PMI) payments, as well as better interest rates. These perks aren’t offered to individuals who are higher risk, with lower credit scores. Check out below to see what sold in Island Lake Arbors in October 2024:
26197 Fieldstone Drive, Novi: 3 bedrooms, 3.1 bathrooms, 2,383 sq. feet, 2 car garage, Sold Price: $485,000
Island Lake Arbors Home Sold
October 2024
Your credit score is massively important when applying for and securing a mortgage loan as it determines your ability to get approved, the terms and conditions of the loan, and your overall buying power. For more information on Island Lake Arbors, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.