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#456711 - 02/20/17 04:04 AM Mortgage and Then Refinance?
rjlocal22 Offline
Member

Registered: 01/22/17
Posts: 18
Loc: Pennsylvania
I intend to apply for a mortgage on a home that may or may not have a hidden problem.So if I am approved and purchase the home
and later find out that there is a hidden problem, would a mortgage company refinance the mortgage to help me pay for the repairs needed to fix the problem?
Would this be the best approach?

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#456712 - 02/20/17 05:21 AM Re: Mortgage and Then Refinance? [Re: rjlocal22]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7828
Loc: Vermont's North-East Kingdom
Yes, within reason. Hopefully, the latent problem isn't that it's built on a sink-hole !
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#456713 - 02/20/17 05:42 AM Re: Mortgage and Then Refinance? [Re: rjlocal22]
rjlocal22 Offline
Member

Registered: 01/22/17
Posts: 18
Loc: Pennsylvania
Thanks,
But I should have expanded my questions a bit more like:
Would this mean I would have to settle at a higher rate?

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#459617 - 11/01/17 09:12 AM Re: Mortgage and Then Refinance? [Re: rjlocal22]
Ann- HomePromise Offline
Junior Member

Registered: 10/17/17
Posts: 2
Loc: PA ,USA
There are ways to protect yourself from buying a home with potential hidden problems. First, read the Sales Contract carefully and make sure it does not reflect AS-IS. Within the sales contract there will be addendums that reflect what inspections are required before closing on your loan. There will also be an appraisal done during this time, but if there are some hidden problems that arise you can refinance after closing to do the repairs.


HomePromise Corporation
NMLS 102836
www.homepromise.com



Edited by Ann- HomePromise (11/01/17 09:45 AM)

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#459626 - 11/01/17 06:09 PM Re: Mortgage and Then Refinance? [Re: Ann- HomePromise]
Long Walk Offline
Member

Registered: 06/27/08
Posts: 305
Loc: New Hampshire
I'm guessing the OP got his question answered already, but for anyone else who may read this thread, I offer the following:

I would note that many buyers believe the appraisal is an inspection, like a home inspection. It isn't.

To protect yourself against hidden (latent) defects, get a home inspection, and radon test (if that is common or suspected in your area). Also, carefully read the property disclosure (or whatever it is called in your jurisdiction). Go over it with your agent. Try to talk with the neighbors. Get a permit history from the building department. Then, really look at the property and see if the story you are being told is supported by the facts that you find and the evidence that you can see with your eyes.

Inspect the contract paperwork before you sign to ensure that the seller is obligated to certain repair limits. FL and SC standard form contracts have these with a list of the components covered. Your state will have the same, I am sure. Do not sign a contract until you are completely sure how this works.

Also, consider a home warranty.

The best insurance that you can get is a high-trust relationship with your agent. Invest in that and do your homework. Let us know how it goes.

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