What To Expect from a Mortgage Survey for a Suburban Property
Prior to moving into a home, many mortgage companies will request a mortgage survey before offering the final approval for the mortgage. Most people do not know what a mortgage survey does and how it may affect the home that they are purchasing. Before you jump deeply into the home buying process, learn about how a mortgage survey can affect the suburban property you are eyeing. Here are three things that need to be determined through a mortgage survey.
What structures are actually on the property
If there is more than one building on the property, a mortgage survey will let you know the dimensions of the building and what is currently noted on the plot. If there are additional structures, such as sheds, these will be noted on the mortgage survey. If there are buildings on the property that were not on the initial report and mortgage application, these documents will need to be updated by the mortgage survey company. The survey will need to state everything that is on the property to be complete for the mortgage company, as all structures will need to be insured.
A proper, updated description of the home
A property inspection survey done by a mortgage company will verify that the property is as described in the plans. This will be important, as those who purchase homes sometimes make changes or improvements overall. While it's usually fine to do so (check about permitting requirements in your area), it is necessary to have updated information on the property layout listed on the mortgage survey. For instance, if the property has a rebuilt garage that takes up more space, the new square footage will need to be noted. The overall square footage of the property will also be on the mortgage survey.
Whether the property has pools, lakes, or other unusual features
Sometimes streams will run through the property, which is a natural feature that cannot be moved. If the stream has dried up and become an empty space, this will need to be noted on the brand new survey before you are able to purchase the home. If there was a pool and it has been covered or filled in, this will also need to be properly changed, with the state seal on the paperwork as proof. If there is no big change to the property, the mortgage company will still need to note the overall layout of the property. Once the property is verified, you will be able to close on your mortgage and receive home insurance.
For more information, visit sites such as http://www.communitysciences.com.