Home inspections and appraisals play key, but separate, roles in the home-buying and -selling process. A home inspection is primarily intended to protect the prospective buyer from purchasing a home with structural defects and other major problems. The home appraisal is meant to protect the lender from paying more than the house is worth. What Is a Home Appraisal? The bank requires that a proper...
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By in Real Estate Property

If you plan on purchasing a new home with a mortgage or refinancing your current loan (or even getting a reverse mortgage), you will most likely need to order a mortgage appraisal. It might also be required for a home equity loan. This is a comprehensive report that determines the value of your property based on a number of factors, ranging from gross living space, to the view and the year a prope...
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By in Real Estate Property

Private mortgage insurance, also called PMI, is a type of mortgage insurance you might be required to pay for if you have a conventional loan. It is supplemental insurance that many lenders ask home buyers to purchase when the amount being loaned is more than 80% of the value of the home. Very often, this additional payment is folded into the monthly mortgage payment and is quickly forgotten. T...
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