Taking out a 30-year fixed-rate mortgage loan is the most traditional route for home buyers when buying a home. The biggest appeal is that you can get the added benefit of a lower monthly payment. Because you have a longer timeframe to pay your mortgage loan, your monthly payments are reduced. The DiMora Team are real estate experts in the Novi and Northville neighborhoods, we know that these 30-year mortgage loans come with a higher interest rate than their 15-year counterparts. This is due to the fact lenders consider a longer time frame for a mortgage loan to be repaid as a risk. On the other hand, a 15-year mortgage is shorter in duration, so your monthly payments will be higher. 15-year mortgage loans come with a lower interest rate since lenders deem a shorter repayment time frame as less of a risk. And, because you’re shaving down the period of time you owe on your mortgage loan, you’re paying less interest over time. Check out below to see what sold in Olde Orchard in October 2024:
24423 Olde Orchard Street, Novi: 2 bedrooms, 1.1 bathrooms, 1,048 sq. feet, Sold Price: $229,900
Olde Orchard Home Sold
October 2024
Even though you would pay more on a monthly basis with a 15-year mortgage, you’d actually end up saving more money in the long run. For more information on Olde Orchard, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.