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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15
Oct
By Todd Grey
Mortgage Tips, ,

Why a Mortgage Lender May Question a Property With More Than One Parcel

Imagine finding a beautiful home that comes with an extra piece of land next door. Perhaps the additional lot provides more privacy, a larger backyard, or room for future improvements. While this may sound like an attractive bonus, purchasing a home that includes multiple parcels can introduce mortgage questions that buyers might not expect. What Does It Mean to Have Multiple Parcels?A parcel is a legally identified piece of land, typically assigned its own property identification number by the local taxing authority. Most residential properties consist of one parcel containing the house and surrounding land. However, some homes are marketed…
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14
Oct
By Todd Grey
Mortgage Tips, ,

What Happens When the Seller Has Not Paid Off a Home Improvement Loan?

A newly installed roof, upgraded windows, or modern heating system can make a home more attractive to buyers. However, what happens when the seller is still making payments on those improvements? Depending on how the work was financed, an outstanding home improvement loan could affect the sale, the title review, and even the buyer's mortgage closing. Not All Home Improvement Loans Work the Same WayHomeowners finance improvements through several methods, including personal loans, home equity loans, contractor financing, and property-assessed financing programs. Some financing arrangements are unsecured, meaning the loan is based primarily on the borrower's credit rather than a…
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