Home Inspection for a Mortgage | Cornerstone Residential Mortgage

A home purchase is many an individual's dream. But not everyone can afford to buy a property outright. Most people rely on mortgages to make their homeownership dreams come true.

A mortgage helps you finance your home purchase. The lender gives you the money upfront, and you repay the loan over an agreed period. A lot comes into play when determining the amount you qualify for.

Among the aspects that the lender considers is the value of the property you buy, and that is where a home inspection comes in. Understand the importance of a home inspection during a mortgage application and what to expect.

What Is a Home Inspection?

A home inspection is an assessment of a property's condition. A professional will look at the property's structure and systems to determine their current state and identify potential problems. The inspector will produce a report detailing their findings, which you can use to make informed decisions about the property.

Why Is a Home Inspection Important?

An inspection before a home purchase can benefit you in numerous ways.

Helps You Make an Informed Decision

Armed with information from a home inspection report, you can make an informed decision about whether or not to proceed with the purchase. The report will identify any severe property problems that could cost you a lot of money to repair. If the repairs are too costly for you to handle, you may decide to walk away from the deal.

Helps You Negotiate the Purchase Price

If the inspection shows some problems with the property, you can use this information to negotiate a lower purchase price. For example, you may ask the seller to make the repairs before you buy the property or undertake repairs yourself and deduct their cost from the purchase price.

Gives You Peace of Mind

An inspection report gives you peace of mind knowing that you are making a sound investment. If the report is clean, you can be confident that you will buy a property in good condition. And if some repairs need to be made, you can budget for them accordingly.

What Should You Expect From a Home Inspection?

Home inspections typically occur before you finalize the deal. The inspection may take several hours, during which the inspector will assess the property's condition and identify any problems. Some areas that the inspector will look at include:

• Roof
• Foundation
• Electrical system
• Plumbing system
• HVAC system

After the inspection, the professional will prepare a report detailing their findings. In addition, the report will include information on any significant repairs that need doing and if you should expect any problems.

Be present during the inspection to ask questions and get clarification on any points. This step is also an excellent opportunity to get to know the property better and identify any potential problems yourself.

Do All Lenders Require an Inspection?

Not all lenders require a home inspection, but it is in your best interest to do one. When you know what you are paying for, you can avoid any nasty surprises down the road. And you will get value for your money whether you buy your first home or investment property.

Additionally, an inspection offers valuable insight into a property's actual value, which is handy when proving your worth to the lender.

What Next?

Cornerstone Residential Mortgage is your trusted mortgage partner if you wish to purchase a home but are short on funds. We will also help you select the right loan program and walk you through the entire process to help you make an informed decision. Therefore, contact us for a consultation to learn how we can help you make your dream of owning a home come true.