Northville Township Real Estate
Latest Lakes of Northville Subdivision Neighborhood Update, Northville, MI as of January 1, 2008
There are 6 Northville Township homes currently for sale in the sub. The average list price is $332,267 and on the average has been on the market for 226 days
Price-Address-Bed
$2,200-41584 WATERFALL RD-3
$294,900-41881 PON MEADOW DR-4
$310,000-41934 PONMEADOW-3
$325,000-42400 BRADNER RD-4
$325,900-17148 PON VALLEY DR-4
$337,900-41584 WATERFALL RD-3
$399,900-42359 BRADNER-4
IF YOU OR ONE OF YOUR FRIENDS, OR CHILDREN WOULD LIKE TO SEE ONE OF THESE LOVELY NORTHVILLE HOMES EMAIL ME AT INFO@RUSSRAVARY.COM OR CALL ME ON MY CELL AT 313-310-9855
Here are all the Northville Township homes that have sold in Lakes of Northville, Northville, MI in the last year as of 1/1/2008
Status-Price-Address-Bed-Sold Date
Leased-$1,850-42092 N WATERWHEEL CT-4-8/31/2007
Leased-$2,100-42155 WATERFALL RD-4-4/15/2007
SOLD-$257,500-17233 LILYPAD CT-4-5/19/2007
SOLD-$301,500-42016 CRESTVIEW CIR-4-10/15/2007
SOLD-$315,000-42063 CRESTVIEW CIR-3-8/10/2007
SOLD-$315,000-18080 WINCHESTER-4-9/13/2007
SOLD-$325,000-42035 CRESTVIEW CIR-4-6/5/2007
SOLD-$331,500-41473 WATERFALL RD-4-10/26/2007
SOLD-$332,000-42144 CRESTVIEW CIR-4-4/10/2007
SOLD-$333,000-17732 FARMCREST CT-4-8/3/2007
SOLD-$380,000-42164 N WATERWHEEL CT-5-3/8/2007
3 Northville Township homes have sold in Lakes of Northville subdivision the last year with an average price of $236,667 after being on the market an average of 124 days.
Remember when you price your Northville home right it will not sit on the market as long. So if you have to move call me for the latest comparative market analysis (CMA) of your Wayne County Subdivision or Oakland County subdivision.
If you want other Northville subdivisions or City of Northville, MI info go to my website http://www.russravary.com/ You can get buyers tips, sellers tips, or search Michigan homes for sale for free without giving any personal contact info or logging in! IF YOU WANT A NEIGHBORHOOD UPDATE FOR YOUR SUBDIVISION EMAIL ME AT INFO@RUSSRAVARY.COM I hope this neighborhood newsletter helped you! And helps keep you up to date. If you are thinking of selling a Michigan home give me a call or email me at info@russravary.com Or if you know somebody that is looking to buy a home I will help them search out a good deal. Have a great day. Russ Ravary
Showing posts with label michigan. Show all posts
Showing posts with label michigan. Show all posts
Wednesday, February 13, 2008
Friday, March 9, 2007
What are points? Mortgage Information
If you have good credit, you should never have to pay points!!! The only reason to pay points when you have good credit is to buy discount points to get the rate down. You should know or have a general idea of what rates are. So let's say for example rates are 6% at some of the local banks and mortgage brokers. But you know you are going to stay in the house for a long time, you are a saver, and rates are pretty low. You can buy down the rate by paying 1 or 2 discount points. 1 point usually lowers the rate by a 1/4 of a percent and 2 points usually lowers the rate by 1/2 percent.
A point is one percent of the loan amount. So if your loan was $200,000, 1 point is $2,000 to lower it a 1/4 % from 6 to 5 3/4%. 2 points is $4,000 to buy the rate down 1/2 percent to 5 1/2%. The amount points buy down a rate vary from each bank or mortgage broker so be sure to check with them what the cost of the point and how much it will bring down your rate.
The reason you don't want to buy points usually is because it takes anywhere from 4 to 7 years to re coup the money from buying the points. So if you refinance or sell your house during that period you lose that savings. You just threw that money out the window. Most people refi or move during that period.
Let's continue with that example. A $200,000 30 year fixed loan at 6% will have a payment of $1199.10. If you buy that loan rate down a 1/4% you would have a $200,000 30 year fixed rate at 5 3/4% with a payment of $1167.15 that cost you $2000 to do . A savings of $31.95 a month or $11,502 saving over the life of the loan! If you minus the $2,000 cost for the point then it is $9,502 over the life of the loan. Quite substantial. But only if you stay in the loan.
To figure your breakeven point you take the cost of the point ($2,000) and divide by the savings ($31.95). $2,000 divided by $31.95 = 62.59 months. It would take you about 63 months to break even. So you would have to stay in the loan for 5 years 3 months before it is a benefit to you and you actually start saving money. For more mortgage information go to www.russravary.com May today's troubles disappear quickly for you. Russ Ravary
A point is one percent of the loan amount. So if your loan was $200,000, 1 point is $2,000 to lower it a 1/4 % from 6 to 5 3/4%. 2 points is $4,000 to buy the rate down 1/2 percent to 5 1/2%. The amount points buy down a rate vary from each bank or mortgage broker so be sure to check with them what the cost of the point and how much it will bring down your rate.
The reason you don't want to buy points usually is because it takes anywhere from 4 to 7 years to re coup the money from buying the points. So if you refinance or sell your house during that period you lose that savings. You just threw that money out the window. Most people refi or move during that period.
Let's continue with that example. A $200,000 30 year fixed loan at 6% will have a payment of $1199.10. If you buy that loan rate down a 1/4% you would have a $200,000 30 year fixed rate at 5 3/4% with a payment of $1167.15 that cost you $2000 to do . A savings of $31.95 a month or $11,502 saving over the life of the loan! If you minus the $2,000 cost for the point then it is $9,502 over the life of the loan. Quite substantial. But only if you stay in the loan.
To figure your breakeven point you take the cost of the point ($2,000) and divide by the savings ($31.95). $2,000 divided by $31.95 = 62.59 months. It would take you about 63 months to break even. So you would have to stay in the loan for 5 years 3 months before it is a benefit to you and you actually start saving money. For more mortgage information go to www.russravary.com May today's troubles disappear quickly for you. Russ Ravary
Monday, January 29, 2007
The outlook for 2007
The outlook for 2007 is unpredictable at this time. If somebody tells you that rates are going down in August they are just guessing.
Mortgages are now being sold on Wall Street. They are being bundled up in large groups and being sold as investments. Hedge funds and mutual fund even buy them. So rates are about as unpredictable as the stock market. There are many factors that cause the rates to go up and down. Economic conditions play a large role. How earnings come out, Whether the unemployment numbers are up or down, whether new housing starts are up or down. What economist's predict the inflation rate to be in the future, what the Federal Reserve says. All these things sway the rates daily and sometimes twice a day.
Every day the rates change according to the market. Just because a mortgage person told you the rate was 6% last week does not mean that it is 6% today! I have seen rates change as much as .25% in a day. If you are unsure of whether the rate is going up or down it is wise to lock in the rate.
Many times the broker or lender can switch banks if the rate goes down. Many loan officers won't tell you that because it means a lot more work for them. It also means that you are starting all over again from the beginning. Sometimes you even have to re-sign all the papers. So if you are in a rush or have a time frame you may not be able to get that lower rate because of the time it takes to re do the loan.
When a loan officer does this for you he is going out of his way. ( Who wants to do the extra work for the same pay?) Be sure to thank him.
If you want more information on mortgages go to www.russravary.com
Mortgages are now being sold on Wall Street. They are being bundled up in large groups and being sold as investments. Hedge funds and mutual fund even buy them. So rates are about as unpredictable as the stock market. There are many factors that cause the rates to go up and down. Economic conditions play a large role. How earnings come out, Whether the unemployment numbers are up or down, whether new housing starts are up or down. What economist's predict the inflation rate to be in the future, what the Federal Reserve says. All these things sway the rates daily and sometimes twice a day.
Every day the rates change according to the market. Just because a mortgage person told you the rate was 6% last week does not mean that it is 6% today! I have seen rates change as much as .25% in a day. If you are unsure of whether the rate is going up or down it is wise to lock in the rate.
Many times the broker or lender can switch banks if the rate goes down. Many loan officers won't tell you that because it means a lot more work for them. It also means that you are starting all over again from the beginning. Sometimes you even have to re-sign all the papers. So if you are in a rush or have a time frame you may not be able to get that lower rate because of the time it takes to re do the loan.
When a loan officer does this for you he is going out of his way. ( Who wants to do the extra work for the same pay?) Be sure to thank him.
If you want more information on mortgages go to www.russravary.com
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