Home Mortgage Refinancing Procedure: Inspection

Introduction and Overview

A home inspection is one of the most important steps to finalizing the purchase of a house. It stands to reason, then, that it is also important in the home mortgage refinancing process. The condition of your home is important to its value, and you don’t want an inflated value. This means an inflated loan with much risk for you.

Home Mortgage Refinancing -- What an Inspector Does

A home inspector will do various tests on your home’s interior and exterior. The various home comfort systems, accessories, and building structure will all be scrutinized for problem areas. While most of the final report will be for the benefit of the mortgage company, you can use the information to stop problems in your house before they get too large.

Dealing with Problems when Seeking Home Mortgage Refinancing

For instance, one of these problems is mold. Toxic mold is a deal killer in any real estate transaction, so if any is found take care of it before it takes over the house and renders it unsaleable. All moisture should be taken care of as soon as possible.

Items an Inspector will Consider

The inspector will look at these items and possibly more:

- Roof drainage, flashing, etc.
- Exterior siding, trim, foundations, and doors
- Attachments such as patios, porches, decks, driveways, etc..
- Electrical system in its entirety
- Plumbing system in its entirety, which may also include fuel system and storage
- Heating and air conditioning, including chimneys and vents
- Interior walls, ceilings, floors, stairways, counters, garage, etc.
- Insulation, vapor retardants, ventilation of home, attics, and foundation

The Inspector's Report and Home Mortgage Refinancing

While there are limits to the inspector’s reports as well as responsibilities, make sure you know what to expect here—always make sure the inspector is certified. Another thing you can do before the inspector comes to your house is to have all the major systems checked and repaired by a qualified party. For instance, if you know your furnace needs a good cleaning, get it done and also see if the furnace company has a special running for inspections and repairs. This could save time after the inspection report is filed. You don’t want to have major repairs to do when your closing date is getting near.

Conclusion

If you do end up with a problem from the inspection that either affects the value or will affect it later, get it fixed immediately. You don’t want your refinancing delayed, nor do you want the future sale of your home to be affected.