Mortgage Reports and Floodplain Determination
Mortgage Reports: Many financial institutions require mortgage surveys before they’ll approve a loan for a new home build or to approve a new home loan for major renovation work involving additions. As part of a mortgage report, we would plot the location of your building or proposed building on a map of your property. Typically, corners are not set as part of this service.
Floodplain Determination: Much of the property along Lake Superior and the streams and rivers running into it falls within federally determined flood hazard areas. If your property falls within one of these areas, your lender may require an elevation certificate to determine your flood insurance rates. Or, if you believe that your building or proposed building is not within the floodplain, you can request a Letter of Map Amendment (LOMA) which would allow you to opt out of buying expensive flood insurance. This can be a complicated process but we can help.