Posted on: 01st Mar, 2007 11:38 am
lender mentioned a home inspection fees and that it is part of the closing costs I have to pay, is it necessary
Hi Woolley,
Welcome to Mortgagefit discussion board.
Lenders normally require the homeowner to have a termite inspection. In addition he may also require analysis of structural condition of the house by an engineer. The inspection fee can cost you from $175 to $350.
It is a safeguard for you while buying your home that there are no critical problems in the house and a surety for the lender that there is no risk in lending against this house.
Do let me know if you have any other questions.
Thanks
Blue
Welcome to Mortgagefit discussion board.
Lenders normally require the homeowner to have a termite inspection. In addition he may also require analysis of structural condition of the house by an engineer. The inspection fee can cost you from $175 to $350.
It is a safeguard for you while buying your home that there are no critical problems in the house and a surety for the lender that there is no risk in lending against this house.
Do let me know if you have any other questions.
Thanks
Blue
Depending on the type of loan you are applying for you may need a home inspection. FHA is one that requires this. Usually only a termite inspection is required. You as a new homeowner may want the inspection to get a report on the home's possible flaws. Once the report is received, you could then negotiate with the seller on anything that needs major repair. Possibly it will be fixed before purchase by the seller. Possibly the purchase price could adjust down to cover the expense of repair.
thanks sharlee2004 and blue for the help
I imagine the requirement to have a home inspection could vary from state to state and could also vary from lender to lender.
It is almost always recommended to get a home inspection as it is a small investment for a large financial transaction and is good for your protection and benefit (for example, no need for a home inspection if you are buying new construction)
I know of no mortgage, FHA or otherwise that requires a home inspection anymore (they used to). Mortgage guidelines today state that the appraiser is the eyes for the lender. If the appraiser notes he "sees" something that warrants an official inspector, the lender would then require an inspection for that particular situation.
Ask the lender/loan officer if the inspection is required or is just being noted as a typical cost if you get one. Also, get one anyway. Also, make sure you are reading a cost for a home inspection that is other than the appraisal. The appraisal is required and it is possible some lender is using the word "home inspection" referring to the appraisal.
It is almost always recommended to get a home inspection as it is a small investment for a large financial transaction and is good for your protection and benefit (for example, no need for a home inspection if you are buying new construction)
I know of no mortgage, FHA or otherwise that requires a home inspection anymore (they used to). Mortgage guidelines today state that the appraiser is the eyes for the lender. If the appraiser notes he "sees" something that warrants an official inspector, the lender would then require an inspection for that particular situation.
Ask the lender/loan officer if the inspection is required or is just being noted as a typical cost if you get one. Also, get one anyway. Also, make sure you are reading a cost for a home inspection that is other than the appraisal. The appraisal is required and it is possible some lender is using the word "home inspection" referring to the appraisal.
