Home Inspection Woes Could Cost Your Mortgage
Posted on October 6, 2008
Filed Under Construction Loans, Home Improvement Loans, Mortgage Loans |
Home Inspection Woes Could Cost Your Mortgage
Lenders are particular about what they will lend money for and that can not be clearer then with a mortgage. In order to close a mortgage there are many things that must happen. One of those things is the home inspection. Inspection of the home is a vital part of the approval process.
A home inspection is where a professional comes out and checks over the home for major defects or problems. Usually the inspector will check the electric, plumbing, drainage, heating and foundation, among other things.
If the inspector finds anything wrong he reports that to the bank. The bank then will usually refuse to finance the home until the problems are fixed. Most often the seller will have to fix these problems. That is because inspections are universal meaning that every inspector for all the banks will find the same issues and the seller cannot sell without fixing them.
The seller may not fix the problems in that case you won’t be able to get financed for the home. Many loans will be approved contingent on specific repairs taking place first.
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