Is a Home Inspection Required for a Mortgage?

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Although always highly recommended, a home inspection is not required by most lenders when purchasing a home. There may be circumstances when you do not need to have a home inspection done. Maybe one was just performed and you have access to it or you are personally familiar with the home i.e. buying from a family member.

How much does a home inspection cost?

Home inspections only cost around $500 or so in most cases. A home is probably one of the largest purchases you’ll ever make. A home inspection can uncover issues beneath the surface of a well staged home that you can get the seller to fix before closing.

Who pays for the inspection?

The buyer is responsible for the cost of the home inspection unless otherwise negotiated with the seller.

Is an appraisal required for a mortgage?

An appraisal actually is required for a mortgage and in many cases an appraiser will also find issues that need to be fixed in order for the house to appraise. I just went through that myself. The appraiser found 2-3 small issues that had to be fixed. He then came back out for a “final inspection.”

Who pays for the appraisal?

Again, the buyer pays for the appraisal upfront. Many times it is rolled into the cost of the loan. Houses appraise for the agreed offer most times, it is in everyone’s best interest for them to.