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Northville Commons Real Estate Sales Report in December 2024

Refinancing your mortgage is the process of taking out a new loan to pay down the remainder of your current loan, which can mean a mortgage loan with a different lender. The DiMora Team are real estate experts in the Northville and Novi neighborhoods, and we know that if you’re not planning on staying long in your current home and want to purchase another one in the near future, it’s likely not the right time to refinance. The savings offered by refinancing may be essentially canceled out by the expenses associated with a new purchase and mortgage loan. The longer you’ve had your mortgage loan, the more the amount of your mortgage payment that goes towards interest decreases. If you’re well into the duration of your mortgage loan, a greater amount of your monthly payment goes towards the balance of the home. In turn, this helps build equity. Check out below to see what sold in Northville Commons in December 2024:

17000 Winchester Drive, Northville: 4 bedrooms, 2.1 bathrooms, 2,340 sq. feet, 2 car garage, Sold Price: $500,000

Northville Commons Home Sold
December 2024

Some mortgage lenders have a penalty for paying off your mortgage ahead of the loan term. You’ll want to do an analysis to assess if the savings of a refinancing offer will outweigh this cost. You may also be able to negotiate waiving this penalty if you’re refinancing with the same lender. For more information on Northville Commons, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.

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