Bank of Internet Recommends Home Inspection and Appraisal When Applying for Home Loan

Purchasing a home is a major life milestone. It can take months to find the right home, regardless of the life stage that the home buyer is in. Making the right choice when buying a home impacts not only quality of life, but also future financial stability. 

Bank of Internet offers affordable low mortgage interest rates on home loans. Many factors contribute to the value of a home. Bank of Internet USA recommends performing both a home inspection and an appraisal to determine the value of the home. 

An appraisal is typically performed on behalf of the bank. An appraisal requires expert knowledge of not only the qualities of the home being appraised, but also similar homes in the area. When an appraiser sizes up a houses value, they compare it with similar houses in the area that have sold recently. 

A home inspector, on the other hand, does a more thorough inspection of the property. He analyzes the structural foundation of the home, major HVAC systems, plumbing and more. Bank of Internet USA recommends that the prospective buyer accompany the home inspector during the inspection in order to learn more about the house. Upon successful appraisal of the home, Bank of Internet can determine the rate and financing of the home loan.