As you prepare to take out a mortgage loan to finance the purchase of your future home, you have a lot to consider as you search for the right lender for you and your specific needs. The DiMora Team are real estate experts in the Northville and Novi neighborhoods, and we know that there are plenty of key terms and definitions to be aware of in the mortgage world, including mortgage points. Discount points tend to be the most enticing type of mortgage points to homebuyers. For this type of mortgage points, the borrower of the mortgage loan can purchase a discount point for a price of 1% of the total mortgage amount. When you purchase discount points, you reduce the interest rate of your loan. This can vary but is typically 0.25% per point purchased. You can purchase anywhere as little as a fraction of a point to three or four points; this maximum is determined by your mortgage lender, as well as federal limits on the total closing costs a borrower can pay. Check out below to see what home has just been listed in Lexington Condominiums in November 2024:
787 Springfield Drive, Northville: 4 bedrooms, 2.1 bathrooms, 2,485 sq. feet, 2 car garage, Listed Price: $575,000
Lexington Condominium Home Just Listed
November 2024
Lastly, you can expect your lender to include the amount of discount points you’ve determined to purchase in your closing costs when the sale of the home is finalized. For more information on Lexington Condominiums, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.