Lending institutions
establish lending criteria for the types of
properties, conditions of these properties,
and whether they are wiling to provide a
first or a second mortgage is being
arranged.
The lender may refuse
to finance properties, or seek an increased
equity position by limiting the size of a
mortgage, demanding a higher interest rate,
requiring a home inspection or to have
certain repairs done including a holdback on
funds until the repairs are completed, or
any combination thereof.
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