It is not uncommon for homeowners to refinance at some point during their home ownership. Watching the rates can end up saving you hundreds of thousands of dollars in mortgage interest over the course of your loan if you can find a rate lower than what you bought the house for. If you are getting ready to refinance your home, you may be wondering what is required to get the job done. Lifeline Inspection Services is here to talk about some of the inspections and appraisals that could be involved in a home refinance.
What to Know About Home Inspections
When you are buying a home, you want to know what you are getting yourself into. You need to know the ins and the outs of the property and uncover anything that could be hiding and cause a financial burden down the road. These inspections include a close look at the structural integrity of the house as well as the electrical and plumbing systems to ensure they are all sound and working as they should. These are just some of the main parts to a proper inspection. This is why most agents will encourage a home inspection to be completed before you sign off on a house.
Difference Between a Home Inspection & Appraisal
This is where many homeowners get confused. A home inspection and home appraisal are two different things. A home appraisal is completed to use many factors to help give you a home valuation. This might include comparable sales in your neighborhood, updates done to the home, square footage and more. An inspector will be looking for any defects or structural problems with the house. An appraisal and inspection are two very different things; one looks at the condition of the home and the other the value.
Mortgage Refinance Requirements
The true home inspection that is done when you initially purchase a home, is not usually required when you are refinancing a home you already own. Some lenders will require you to get an appraisal if enough time has passed since purchasing your home to come up with the right home value. They will also need a title search and lender’s policy, but you can rest easy knowing that they probably won’t be asking you to have your home inspected like you did when you first purchased the home.
Residential & Commercial Inspections & More in Fulton, Spalding, Coweta, Douglas, Pike, Upson & Fayette County, Georgia
While there are certain reasons to have your home inspected, a home refinance isn’t one of them. However, if you are getting ready to sell your home, you will certainly benefit from having a seller inspection done before putting it on the market to avoid any surprises that could come up in the selling process. At Lifeline Inspection Services, we provide superior home inspections that will take the guesswork out of buying and selling a home. Our experienced and highly trained inspectors will deliver nothing short of top notch service when you choose use. Call us today!
