23
Oct
By Todd Grey
Mortgage Tips, ,

How Leased Solar Panels Can Affect Your Mortgage Approval

Solar panels can make a home attractive to buyers who want to manage electricity costs. But the panels on a roof are not always owned by the seller. When a solar system is leased or covered by another third-party agreement, buyers may need to review additional paperwork before their mortgage can be finalized. Owned and Leased Systems Are Different With an owned solar system, the homeowner generally owns the equipment, although there may still be a loan secured by the system or property. With a lease, a separate company typically owns the panels while the homeowner pays to use them.…
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22
Oct
By Todd Grey
Mortgage Tips, ,

What Happens When the Home You Want Is on a Private Road?

A home tucked away at the end of a quiet private road may offer the privacy and space buyers have been looking for. Yet the road leading to the front door can raise questions that have little to do with the home's appearance. Before purchasing, it is important to understand who has the right to use that road and who is responsible for maintaining it. Private Roads Are Not All Alike Unlike a public street typically maintained by a government agency, a private road may be owned or maintained by individual property owners, an association, or another private party. Some…
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21
Oct
By Todd Grey
Mortgage Tips, ,

Why Unpermitted Renovations Can Create Problems During Mortgage Approval

A remodeled kitchen, converted garage, or added bedroom can make a home look more appealing. But a beautiful renovation does not always tell the full story. If work was completed without permits that were required locally, buyers may encounter questions during the appraisal, inspection, or mortgage approval process. What Does Unpermitted Work Mean? Building departments often require permits for certain structural, electrical, plumbing, and other improvements. Requirements vary by location and by the type of project. Replacing cabinet hardware may not require approval, while moving load-bearing walls or adding living space often does. Unpermitted work means a project was completed…
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20
Oct
By Todd Grey
Mortgage Tips, ,

Can You Finance a Home That Has a Second House on the Property?

Finding a property with two houses can feel like discovering a bonus. The smaller home might provide space for relatives, visiting friends, or future rental income. Before making plans, however, buyers should understand that financing a property with two residences may be different from financing a typical single-family home. Start With How the Property Is Classified A detached second house is not always treated the same way as an accessory dwelling unit, commonly called an ADU. Local zoning rules, permits, separate utility connections, and the property's legal description can influence how the additional structure is classified. Some properties have a…
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16
Oct
By Todd Grey
Mortgage Tips, ,

Can You Get a Mortgage on a Home That Has Been Moved From Another Location?

Most buyers assume that the home they are purchasing has always been located on its current property. However, some houses have been physically relocated from one location to another. Whether a historic home was preserved by moving it or an existing structure was transported to a new lot, the property's relocation history can create unique questions during the mortgage process. Why Would Someone Move an Entire House?Moving an existing home is more common than many people realize, particularly in areas where older houses are preserved or land is being redeveloped. Instead of demolishing a structure, an owner may hire specialized…
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