Getting ready to buy your first home is a big deal. Purchasing a home costs plenty, there’s no surprise there. You should aim to save anywhere from 3.5% to 20% of what you think is in your price range (more on that later) for your down payment. The DiMora Team are real estate experts in the Northville and Novi neighborhoods, and we know that getting your debt under control or paid off is a must when it comes to purchasing your first home. Not only do you want to ensure you can actually afford your monthly mortgage payments on your home, but you want to maximize the odds of getting approved for a mortgage loan and hopefully locking in a good mortgage rate. Mortgage lenders look at your income, monthly expenses, credit history, and credit score as they assess whether or not to lend to you. If your debt is too high, especially in relation to your income, they may deem you too high of a risk to lend to and will reject your mortgage loan application. Check out below to see what sold in Lakes of Northville in December 2024:
17148 Pon Valley Drive, Northville: 4 bedrooms, 4 bathrooms, 2,798 sq. feet, 2.5 car garage, Sold Price: $610,000
Lakes of Northville Home Sold
December 2024
To increase your odds of getting approved for a mortgage loan, start cleaning up your debt as soon as you decide you want to buy. For more information on Lakes of Northville, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.