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Aurora home improvement loan-
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Mortgage Terms Defined:Overages
are the difference between the lowest available price and any higher price that
the home buyer agrees to pay for the loan. Loan officers and brokers are often
allowed to keep some or all of this difference as extra compensation.
Talking about your mortgage: Lender-required home inspection fees
The lender may require a termite inspection and an analysis of the structural
condition of the property by an engineer or consultant. In rural areas, lenders
may require a septic system test and a water test to make sure the well and
water system will maintain an adequate supply of water for the house (this is
usually a test for quantity, not for water quality; your county health department
may require a water quality test as well, but this test may be paid for outside
of the settlement). Keep in mind that this inspection is for the benefit of
the lender; you may want to request your own inspection to make sure the property
is in good condition.
Estimated costs: $175 to $350
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