Before you refinance your home consider if mold could ruin your chances!
Mold doesn’t just affect the health and well-being of your family, it can also have a direct effect on refinancing options for your home. The inspection and appraisal of your property will be affected by any signs of mold or mildew growth on your property. How and why does mold affect the refinancing options for your property?
The Three Types Of Mold Infestations
While mold occurs naturally outside of your home, it is never a good thing to have inside of your home. There are three common types of mold infestations that affect properties:
- Pathogenic Molds: These molds can cause infections or problems in people who are young or who have compromised immune systems. Pathogenic molds can also present problems for pets that live in your home.
- Allergenic Molds: These molds cause issues for people who have existing medical conditions like asthma and allergies. If you are healthy and have a strong immune system, you might not notice the mold growing on your property. However, these could definitely pose an issue during refinancing.
- Toxigenic Molds: These molds are the most dangerous type that could be growing on your property. Black mold, one of the single most dangerous things that could be found in your home, is in this category. Toxigenic molds will harm anyone living in the home, regardless of how strong their immune system is.
Mold Lowers Your Property Value
As part of the refinancing process, your bank will ask you to have a home inspection and a professional appraisal to see what your home is worth. If you have mold, especially toxigenic mold, inside of your home, banks will be hesitant to raise the value of your home and give you additional financing.
Mold Limits Refinancing Options
Getting a good mortgage refinancing rate is hard enough with a home that is in excellent condition, so if your home has a mold problem you can expect to not get many offers. In some cases, the bank will not even entertain the idea of refinancing until you invest in mold remediation services. In short, if you are planning to refinance your home soon, you need to start by having a mold inspection.
Say Goodbye to Mold with Mold Remediation from Environmental Consulting and Contracting Group
If you are ready to say goodbye to water in your home or business once and for all, contact the professionals at Environmental Consulting and Contracting Group. We have over 30 years of combined experience in professional mold remediation and basement waterproofing, so rest assured that we will find and remove the problem once and for all. We offer our valued customers a lifetime guarantee against the return of mold growth because we are so confident in our work. Give us a call at 1-877-591-MOLD or visit us online for more information. To learn more ways to combat mold growth in your home, follow us on Facebook, Pinterest, Twitter, and Google+.
Tags: home safety, mold, refinance