In many respects, financing a new construction home is much like getting a mortgage to purchase a resale home. There are, however, some additional financing opportunities that apply to new construction homes, which do not apply to the purchase of existing homes. For example, the construction loan and bridge loan. These can be used to fund the purchase and construction of a new home before the sale of your current home. Let’s look at each type of loan separately:
Your home is probably your largest and most valuable investment, so it makes sense to protect it. As with all insurance, you hope to never need it, but for a relatively small amount compared to the price of your home, you are buying peace of mind in case something does happen.
Topics: Home Investment
While the price of buying a new construction home in Canton, Michigan is creeping higher and higher, there are still ways you can save when buying a new home. It’s like shopping for a new car: You need to be smart and do your homework, which means asking the right questions!
Homeowners often struggle with the dilemma of whether to renovate an existing home or build a new one. It is a tough decision and one that requires consideration of many factors, not just cost alone. There are many intangible factors to consider as well.
Buying a new construction home provides some exciting opportunities that often are not available when purchasing an existing home (like the ability to choose your exact cabinets, countertops, flooring and even floor plan). On the flip side, buying a new construction home also presents some different considerations that often are not present when purchasing an existing home. So what do you need to know before buying a new construction home?
Construction loans are a type of financing that gives more new home buyers the opportunity to build the new construction home of their dreams. This article explains the basics of what a construction loan is and what’s involved in the process.
So, you’ve begun your search for a new home in Canton, Michigan. How exciting! One of the first steps you will want to take in the new home buying process is researching home financing options. From understanding the different types of loans, to understanding the difference between a mortgage pre-qualification and pre-approval, we know the process can be a little overwhelming. But it doesn’t have to be. To help start your journey off on the right foot, let’s review the mortgage pre-qualification process and what it is, and isn’t.
Are you looking to buy a new construction home in Canton, Michigan? Here are twenty things to consider that will guide you through the home-buying process from beginning to end.
When you’re buying a new home in Canton, Michigan, it’s important to think ahead. What we mean by that is think about the future, not just today. Of course you can’t always plan a home purchase perfectly for every phase of your life, but you can think about what the next five to ten years will likely hold for you and your family so that you won’t have to worry about looking for a new home or making major renovations to your existing home to suit your family’s changing needs any time soon.
Whether you’re purchasing a new construction home or an existing home, one of the first steps every homebuyer needs to consider is financing. Of course, it goes without saying that solid credit scores and large down payments are the two surest ways to secure better loan terms for your mortgage, no matter what your purchase plan. But what actually differentiates financing a new home in Canton, Michigan, versus an existing home? Let’s take a look.