Differences in Loans for New Construction in Novi vs Mortgage Loans

By
Real Estate Agent with National Real Estate Network, LLC

Conquest Real Estate highlights how new construction in Novi loans differ from a standard mortgage.

Novi, MI – Locally established company Conquest Real Estate reveals the difference between loans for new construction in Novi and mortgage loans. Unless owners have decided to pay cash in their new construction Novi MI, they will find it necessary to acquire financing for the project. One may have acquired mortgage loans before, but getting loans for their new construction can be challenging as it is different. The company reveals that it is crucial for investors to show themselves in a capable light when presenting their project to the lender; being positive, professional and prepared will lead them to a successful deal.

Conquest Real Estate Differentiates Loans for New Construction in Novi from Mortgage Loans

Conquest Real Estate (http://NewConstructionHomesNoviMI.blogspot.com) says that it is always possible to get a construction loan in various circumstances. Commonly, investors are required to pay a monthly interest on their loan amounts while the construction phase is ongoing. The amount will depend on the percentage one draws out of the loan or the overall amount one is allowed to borrow. Loans for new construction in Novi are typically of standard interest.

It is important to be pre-approved for a certain loan before starting out the new construction Novi MI project. Qualifying for a construction can go beyond the income as well as the credit qualification requirements for a standard mortgage. In order to be assured that investors will stay true to their budget, it is recommended that they find a lender who will pre-approve their case, providing them with an amount which owners can repay with their current financial status.

Banks and other financial institutions will want to know how one tackles their project. Investors should be ready to create a presentation to apply for their new construction in Novi. Realtors will be able to assist them in creating these documents, in order to disclose their building process to the fullest detail.

Conquest reveals that particular information is needed for this documentation:

  • Financial information one will use for a standard mortgage loan, including income verification, financial statements and credit report.
  • Project plans
  • Construction specifications
  • Cost estimates
  • An appraisal
  • Lot information 

Conquest Real Estate reveals that owners should be honest about their documentation, demonstrating their ability to handle the project in a feasible way. To know more about the company, visit http://www.ConquestRealEstateGroup.com.

About Conquest Real Estate Group: The Conquest Real Estate Group helps people looking to purchase real estate within the City of Detroit and the surrounding Metro Detroit suburbs.  The group helps first time home buyers and experienced real estate investors.  Currently, they provide service for real estate properties in Detroit, Southfield, Lathrup Village, Oak Park MI, Farmington Hills, Livonia, Redford, Eastpointe, Harper Woods, Warren MI, Novi, and Northville MI.

Conquest Real Estate has different divisions, which helps investors with the entire real estate investing process, including identifying investment properties, rehabbing properties, marketing and tenant placement, and property management.  They have people who understand the entire local Section 8 process, including helping real estate investors pass their Section 8 property inspection and selecting the right tenants with Section 8 payment vouchers.

You can learn more about them by visiting their website at http://www.ConquestRealEstateGroup.com or calling them at (248) 809-4372.

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Contact Information:
Nakia Muhammad
Conquest Real Estate
Info@ConquestRealEstateGroup.com
(248) 809-4372
Southfield, Michigan 48075

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