A home can look perfect during a showing, but certain features of the property may create questions when it comes time to secure a mortgage. One situation buyers may not anticipate is purchasing a home that shares a septic system with another property.While shared systems can function effectively, they may require additional documentation and review before financing can move forward. Understanding How a Shared Septic System WorksMost buyers are familiar with homes that connect to a public sewer … [Read more...]
Why Buying a Home From a Family Member Can Make the Mortgage More Complicated
Buying a home from a parent, grandparent, sibling, or another relative may seem easier than purchasing from a stranger. You already know the seller, may know the property's history, and might even agree on a price without extensive negotiations. But the family relationship can introduce mortgage considerations that are different from those in a typical purchase between unrelated parties. The Relationship MattersA transaction between people with an existing relationship may be considered … [Read more...]
What Happens to Your Mortgage When the Home Has an Unfinished Addition?
You find a home you love, but there is one unusual feature. Maybe the previous owner started adding a bedroom and never finished it. Perhaps a bathroom is partially remodeled, a garage conversion is incomplete, or a new section of the house is still visibly under construction. Buyers may see opportunity in unfinished space, but a mortgage lender may need to evaluate the property as it exists today. Financing Is Based on the Current PropertyIt is easy to walk through an unfinished addition and … [Read more...]
Why the Money in Your Bank Account May Need a Paper Trail Before Closing
Having enough money in the bank is an important part of buying a home, but during the mortgage process, the amount in your account may not be the only consideration. In certain situations, lenders may also need to understand where funds came from. That can surprise buyers who assume that once money reaches their account, its history no longer matters. Mortgage Funds May Need to Be DocumentedDuring the mortgage process, buyers may provide bank or asset statements showing money available for the … [Read more...]
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