13
Nov
By Todd Grey
Mortgage Tips, ,

How a Solar Panel Lease Can Complicate a Home Purchase

Solar panels can be an appealing feature when you are shopping for a home. They may help offset electricity costs, and many buyers like the idea of producing energy on-site. But there is an important difference between buying a house with solar panels that are owned outright and buying one with panels covered by a lease or another financing agreement. That difference can matter during mortgage approval and long after closing. Start With Who Owns the Panels Some homeowners purchase their solar systems outright. Others finance the equipment with a loan, sign a solar lease, or enter into a power…
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10
Nov
By Todd Grey
Mortgage Tips, ,

Why a Property Line Encroachment Can Affect Your Mortgage Approval

A backyard fence, detached shed, or concrete patio may seem like a straightforward feature of a home. But what happens when part of that structure crosses the legal property line? Buyers sometimes discover this issue during the title or survey review, just as they are preparing to close. Known as an encroachment, it can raise questions that go beyond neighborly disagreements and may affect the mortgage process. What Is an Encroachment? An encroachment occurs when a structure or improvement extends onto land owned by someone else. Common examples include a fence installed several feet over the boundary, a driveway that…
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06
Nov
By Todd Grey
Mortgage Tips, ,

Can a Home With an Aging Roof Still Qualify for a Mortgage?

A home with an older roof may be priced attractively, located in the perfect neighborhood, and otherwise meet everything on a buyer's wish list. But roof condition can become an important question during mortgage approval. The issue is not simply how many birthdays the roof has had. Lenders and appraisers may be concerned about whether it protects the home adequately and whether visible defects create a property-condition problem. Age and Condition Are Different Questions Two roofs installed in the same year can be in very different condition. Weather exposure, materials, ventilation, installation quality, and maintenance all affect longevity. A roof…
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04
Nov
By Todd Grey
Mortgage Tips, ,

How an Unfinished Basement Can Affect Your Mortgage Appraisal

An unfinished basement can look like an opportunity. Buyers may imagine a future family room, guest space, home gym, or office. But when a home is being financed, the appraiser has to evaluate what exists today, not what the basement might become after a renovation. That distinction can affect the home's reported living area, comparable sales, and ultimately the value used by the lender. Finished and Unfinished Space Are Not the Same A basement may be spacious, dry, and useful without qualifying as finished living area. Exposed framing, concrete floors, unfinished ceilings, and incomplete heating or electrical work can all…
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03
Nov
By Todd Grey
Mortgage Tips, ,

Why a Shared Well Can Complicate a Mortgage Approval

Buying a home with a private well can feel straightforward until you discover that the water source is shared with a neighboring property. Shared wells are common in some rural and semi-rural communities, but they can introduce questions that buyers of homes with municipal water may never encounter. A lender may need to understand not just whether the water works today, but whether the property has a dependable legal right to use it in the future. A Shared Water Source Creates Shared Responsibilities When two or more homes rely on the same well, ownership and maintenance responsibilities may be divided…
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