Searching for a home, and preparing yourself and your finances for a large investment like a home mortgage is a large undertaking and as such can be a difficult process if you’ve never done it before. Which is why it’s always good to get help as you begin this process. Many times as you’re looking into getting a house you’ll get in contact with banks or other loan providers. They will generally be able to assist you in finding the right budget for your income, taking into considerations what grants or other benefits are alloted to you, such as being a veteran, a first time home buyer, or you have qualified for disability or a similar program, and in assisting you in negotiating a good price with the seller of a property. They’ll also teach you about different kinds of loans like FHA loans, VA loans, USDA loans, and many others to see which is best for you.
When trying to find a property for a residential mortgage, safety features should be considered. You have to remember your potential house is not just a floor plan, or the square footage. There are other spaces to think about, like the attic, crawl spaces, basements, and windows. Some home loan products require the property meet specific health and safety standards before the loan is funded. There are others that merely require you understand the individual and unique problems a property may have so you don’t feel tricked or cheated later on.
Make sure the house has the correct amount of smoke detectors. The National Fire Protection Association recommends installing smoke detectors inside every bedroom and outside all sleeping areas. Every story of the home should have a detector and have one in the basement. Test the alarms every month as part of your regular housekeeping duties. The older style of alarms ran off batteries that would need to be replaced. It might be a good idea to switch any of the old style alarms to the new 10-year life smoke detectors.
Get a pest inspection. Creatures can sneak into the attic and chew on wires or infest the walls. Regularly inspect for animal droppings or insects. If you see signs of entry, do not wait. Call a professional exterminator. Some lenders will want to see a clear pest inspection before they lend you the money. A pest inspection is broken into two conditions. Section I is active and current damage. Section II is most likely to become damaged if corrections are not made. Some loans require Section I to be completed before the close of escrow.
Cracked or Broken Windows
Make sure all the windows in the house are whole. If they have any cracks or breaks, have them replaced or repaired. Often the entire window does not need to be removed, but a glass contractor may be able to replace just the windowpane. A home loan lender wants to know the property is secure not only from vandalism but from the environment also. Not only that, but a broken or cracked window can pose a significant problem if not dealt with properly because mold and other harmful growths can develop inside wall space, inside wood, or anywhere around the broken window.
Many rural properties use wells to supply the drinking water to the home. It is always a good idea to have the well water tested, and it may be a condition of the loan. The drinking water must be potable, which means safe to drink. A potability test detects for bacteria and organisms. If ingested, they can cause illness and severe health issues. If the water carries some of the bacteria, it may be able to be corrected with treatment or a water filtration system.
When it comes to getting a home mortgage, the lender wants to help you find a safe and secure property, and these are some areas in home safety that you should never cut corners on. They’ll usually also be able to guide you on your journey if you decide to purchase a fixer upper by supplying additional funds in the loan for repairs and renovations. So no matter your position in life or the experiences you’ve had, you should be able to qualify for a home loan and to find a home that you’ll feel safe and happy in.
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