In quailifing for 3.75% interest rate on a new mortg. .. what would an inspection to property specifically be, to prove primary residence, consist of? Also what factors are needed to qualify as primary residence?
Country relating to Question: United States
The inspector will want to see that the person applying for the mortgage is living there -- this can be proven through driver's license, voter registration, utility and other bills and mail that are delivered to the address for that person who is taking out the mortgage.
Please let me know if you have more questions or need more information.
When an inspection is done, aside from providing documentation of address being mine; bank acct, car reg, mail, utilities... what other things can they legally request to see? I mean... do they want to inspect the home for clothing, my bed,.... It just feels like it could be an invasion of my personal privacy. Nothing to hide, but just seems it could be too personal. What can I do to make sure my privacy is protected?
Hello there Shirley:
The inspector will not do anymore than ask to come in and sit at your kitchen table and discuss your residency (he or she may not even ask to come in and might ask for the proof that I mentioned at the door). They have no right to inspect the entire house for your personal belongings and if this inspector wants to do that I would ask them to leave and tell then that you have provided enough proof and then call the lender and let them know what has happened here and that you gave all information to show that you actually live at the house so there is absolutely no need to invade your privacy. If the bank tries to refuse you a loan on this basis and will not send another inspector or simply accept the items that you gave to the first inspector, then you should contact your state's banking commission / agency and file a complaint with them (you can find them online) and/or the Office of the Comptroller of the Currency (OCC) in Washington DC (they are also online). While the mortgage company does have a right to reasonable information to establish your residency, they have no right to invade your privacy and I am certain you will win this battle if the inspector goes too far.
15 years exp all aspects of general law
Mary, I forgot to ask you.. I'm being asked to sign an agreement by the Title Co. regarding a one time "inspection" to establish residency, should that be specific about what the "inspection" means before I sign it?
,Mary, I forgot to ask you.. I'm being asked to sign an agreement by the Title Co. regarding a one time "inspection" to establish residency, should that be specific about what the "inspection" means before I sign it?
Read it carefully and come back in here and let me know what it says if there is anything that concerns you (you can always put them off for an hour or two I hope?). If it is a simple certification that states that you live there and you intend to live there during the term of the loan, then that is fine -- and I cannot imagine how much more they could ask you to sign because the ones I have seen are relatively simple but its been about a year and a half since I have viewed one of these forms and the mortgage rules and requirements seem to be changing daily. If I do not hear anything further from you on this I will assume that you were comfortable with the language and you did not need to run anything by me here. Good Luck.
1.60days after closing & no later than 90days we will provide copies of no less than 3utility bills or service billing stmts to document that subject prop. is primary mailing add. (mail to add. of mort. co.)
2. agree to one inspection of subject prop. at anytme within six mos. of close of escrow to confirm occupancy as required.
3.agree to occupy sub. prop as my primary res. for a minimum of 12 mos from close of escrow.
4. We ack. that failure to comply with any of forgoing requirements will result in subject loan being called as due & payable in full.
Hello again Shirley -
These requirements are very reasonable -- they are only requiring that you live there for 12 months from close of escrow and sending copies of a few utilities bills and agreeing to an inspection during that time is fine. If they were insistent upon making these requirements for the life of the loan and being able to pop into your property at anytime then that would be way too much -- but here the requirements seem fine to me. Let me know if you have further questions.
Thank you for all your help. I appreciate your advice & expertise with this matter.
Best of Luck with everything. You know where we are at if you need assistance again in the future. ---MARY
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).