Michigan Mortgage News

A backyard fence, detached shed, or concrete patio may seem like a straightforward feature of a home. But what happens when part of that structure crosses the legal property line? Buyers sometimes discover this issue during the title or survey review, just as they are preparing to close. Known as an encroachment, it can raise questions that go beyond neighborly disagreements and may affect the mortgage process.

With a relatively light week for economic releases, the primary focus of the economic landscape is the nonfarm payroll report, which has shown a positive trend over the last few releases. This should help consumers keep up with current inflation levels, although the Federal Reserve has remained firm in its commitment to reaching its 2% inflation target.

A home with an older roof may be priced attractively, located in the perfect neighborhood, and otherwise meet everything on a buyer's wish list. But roof condition can become an important question during mortgage approval. The issue is not simply how many birthdays the roof has had. Lenders and appraisers may be concerned about whether it protects the home adequately and whether visible defects create a property-condition problem.