One of the many land surveys that we offer are mortgage surveys. Our land surveyors are experienced in working with lenders and are aware of the things that will be required at the time that the mortgage survey is presented. If you are planning on buying or getting a mortgage in the Arlington area, make sure your company calls one of our professional land surveyors to ask about our mortgage survey services. Below is some information regarding a mortgage survey.
Mortgage surveys differ from different property surveys because they are the type of survey that is requested by your lender. When you purchase a home, a mortgage survey will typically be required to verify the boundaries of the property. This is important for the lender so that they are aware if the property is actually worth the amount for the area. They are taking a risk by financing the property and if there are any issues, then your mortgage company will want to be the first to know.
A mortgage location survey is not the same as a boundary survey. This kind of survey is not used in construction. A location survey is mostly intended to provide the mortgage company proof that improvements and the location is actually the same as what is described by the seller. These surveys will identify any structure on the property and make sure that there are no encroachments on your property. All of these factors are for the protection of the mortgage company and also for your protection as well.
A mortgage inspection survey is not as detailed as a mortgage location survey. It will include information about the structures that are on the property, but it will not include information about boundary lines having to do with the property. This is the most common mortgage survey that is ordered by lenders when they are preparing to finance a home.
The requirements for a mortgage survey vary from state to state and will often depend a lot on the type of improvement or construction that you will be trying to make on the property. Your mortgage company may have only certain requirements, but for a permit to build you may need a different survey entirely. Oftentimes, a more detailed survey will be required if you intend on making improvements to your property. It is important that you are aware of the kind of survey that is being ordered by your mortgage company so that if you do decide to make improvements, you can take steps to secure the type of survey that you will need to meet the requirements of your state or city limits.