When it comes to applying for a mortgage, there are quite a few things that you need to keep in mind. So, if you have finally got to a place where you feel like you are ready to apply, and are looking for different tips on all the dos and don’ts, this is the article that you are looking for.
Basically, no matter if you are buying a new home or applying in order to refinance your current one, there are certain factors that you need to keep in mind, as well as things you can do that could ultimately give the underwriter the impression that you are not going to be able to repay your loan, or that the state of the house is too much of a gamble for you to be accepted for the loan in question.
All of that being said, let’s focus on all the vital safety hazards that you need to make sure are in control before proceeding to apply for a mortgage.
One of the first things that you need to take care of before applying is asbestos. The most prominent way for asbestos fibers to reach the body is through breathing, so, if there’s any possible way in which that scenario could happen, make sure that you take care of that ASAP. The way in which this impacts a human body is by fibers becoming trapped in the mucous membranes, and once they are trapped in the body, the fibers are able to cause some serious health problems.
Is every form of asbestos dangerous
It should be noted that asbestos is most hazardous when it is easily crumbled by hand or similar sources that can release fibers into the air, like insulation for instance, while the asbestos floor isn’t. As experts on asbestos and mesothelioma claims explain, any asbestos-containing material poses a certain level of danger, so it’s vital that it’s maintained appropriately in order to avoid many serious health conditions that can arise from inhaling it. So, if you have any asbestos-containing materials that pose danger due to damage and deterioration, consult professionals immediately.
Not only is mold quite unsightly, but it can also pose serious health hazards as well. In case of prolonged exposure, depending on the type of mold that you are dealing with, inhaling mold spores can cause acute respiratory system-related diseases that should not be taken lightly, and this can affect the assessment of your mortgage application quite a lot.
Getting rid of mold is exponentially more important if anyone in your household is suffering from allergies or any chronic respiratory diseases like asthma.
Making sure that you do everything that you can in order to be able to detect carbon monoxide is vital for your mortgage application. Carbon monoxide is quite tricky due to the fact that it isn’t visible and it has no smell whatsoever, meaning that the only way of detecting it is by having carbon monoxide detectors installed inside your home.
Now, even more important than your mortgage application is the fact that this gas is extremely hazardous, and in fact, it can be deadly. In case of prolonged exposure, carbon monoxide is known to be able to inflict death on those that breathe it in. So, make sure that you install those detectors as soon as possible, as well as to perform regular checks on your HVAC system!
Considering the fact that over 3,000 American lives are claimed each year due to different fire hazards, it’s vital that you make sure that you do everything on your end in order to lower the chances of any fires.
Basically, this means that you should always opt for materials that are less prone to being caught on fire, especially when we are talking about materials that take up a large portion of your home. In addition to this, smoke detectors are not only a recommendation, but an absolute must – no matter if you are applying for a mortgage or not. It should also be mentioned that you should test your smoke detector monthly, as well as to ensure that you replace the batteries on it at least twice a year.
Potential construction hazards
While these are a bit harder to pinpoint, they are nonetheless vital both for your mortgage application and for your safety as well. A critical group of any construction-based hazards is one regarding homes that are majorly built out of wood, since they are very much so prone to rotting, which can easily result in some major collapses.
That being said, if your home happens to fall into this category, make sure that you perform regular maintenance in order to be sure that there are any creeping problems that can endanger your home.
To wrap things up
In the end, it all comes down to being vigilant and taking time to ensure that everything on your end is handled appropriately before actually applying. Not only are all the safety hazards vital for your application, but they have a possibility of impacting your health as well, and hence should be taken care of accordingly as soon as possible.