When applying for a mortgage, an alternative to a non-conforming loan is the use of a land contract, which is allowed in some states. The DiMora Team are real estate experts in the Novi and Northville neighborhoods and we know that a land contract is an agreement between a buyer and a seller, where the buyer agrees to make periodic payments to the seller. The title to the property only transfers to the land contract buyer on fulfillment of the land contract obligations. A land contract can be helpful to those who need time to establish or improve their credit rating. The costs are small, and payment can help establish a good mortgage payment record. This can help establish an overall good credit rating, and it is possible for the buyer to later refinance the land contract with a conforming loan. Check out below to see what sold in Dunbarton Pines in June 2019:
44486 Midway Drive, Novi: 4 bedrooms, 2.1 bathrooms, 2,326 sq. feet, 2 car garage, Sold Price: $348,377
Dunbarton Pines Home Sold
June 2019
Another alternative to a non-conforming loan is assuming the seller’s mortgage. By assuming a mortgage, if it is assumable, it is possible to save on closing costs, and may allow you to obtain a favorable interest rate. For more information on Dunbarton Pines, or similar Northville or Novi neighborhoods such as Turtle Creek, Maple Hill and Royal Crown contact The DiMora Team today at 248-505-7728 or jim@dimora.com.