What Is A Mortgage Survey?
A mortgage survey is a special type of survey, often required by the lending company you are using to purchase your property. The mortgage survey will explain in detail the features and aspects of the property. The amount of detail that goes into a mortgage survey is regulated by the state, and will differ on a state-by-state basis.
Is A Survey Necessary When Buying A Home?
Often times when purchasing a home, your mortgage company or lending institution will require a mortgage survey be completed. The reason they require the mortgage survey is so that they have documentation that they lent money on a property that was indeed a real property and the property’s features were listed correctly in terms of the loan agreement.
The cost of a mortgage survey will depend on a number of factors, including the lot size and age of the property. Be sure to check with your lender or mortgage company when purchasing your property. If your lender requires a mortgage survey in order to obtain financing, then you will need to obtain a mortgage survey from a licensed land surveyor.
Mortgage Survey Requirements
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.