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Home For Sale: 525 W Superior St., Wayland, MI 49348

525 W Superior St., Wayland, MI 49348

$135,000, Single Family, 3 Beds, 1 Bath: Come home to this cottage-style ranch and your own private playground, situated on just under an acre in the heart of Wayland. This 3-bedroom, one bath home features a surprisingly open floor plan, home salon, partially finished basement and main floor laundry. New siding and windows. (Check out the video.) Property includes a grandfathered pole barn, perfect for a workshop or studio. Baker Elementary School’s recreation fields sit on other side of the fence at the rear of the lot. Walking distance to downtown Wayland. Close access to us 131, just minutes from everything.

Learn more…

Sylvia Dana is a REALTOR® serving the Grand Rapids and surrounding areas. 616-570-8864

Listing Agent:

Sylvia Dana at EXP Realty LLC – (616) 570-8864

Direct Link:

http://sylviadana.gmi.exprealty.com/property/15-18020118-525-W-Superior-Street-Wayland-MI-49348

Which Down Payment Strategy is Right for You?

Thinking about buying a home in Grand Rapids? If so, you might be waiting until you have enough money for a down payment. Or maybe you haven’t even thought about needing a down payment.

You’ve most likely heard the rule: Save for a 20-percent down payment before you buy a home. The logic behind saving 20 percent is solid, as it shows that you have the financial discipline and stability to save for a long-term goal. It also helps you get favorable rates from lenders.

But there can actually be financial benefits to putting down a small down payment—as low as three percent—rather than parting with so much cash up front, even if you have the money available.

THE DOWNSIDE

The downsides of a small down payment are pretty well known. You’ll have to pay Private Mortgage Insurance for years, and the lower your down payment, the more you’ll pay. You’ll also be offered a lesser loan amount than borrowers who have a 20-percent down payment, which will eliminate some homes from your search.

THE UPSIDE

The national average for home appreciation is about five percent. The appreciation is independent from your home payment, so whether you put down 20 percent or three percent, the increase in equity is the same. If you’re looking at your home as an investment, putting down a smaller amount can lead to a higher return on investment, while also leaving more of your savings free for home repairs, upgrades, or other investment opportunities.

THE HAPPY MEDIUM

Of course, your home payment options aren’t binary. Most borrowers can find some common ground between the security of a traditional 20 percent and an investment-focused, small down payment. Your trusted real estate professional can provide some answers as you explore your financing options.