Inspection

The charge levied by the lender to send an inspector to the subject property. This fee is normally associated with construction and rehab loans. The lender inspection is not the appraisal, nor is it the applicant-ordered inspection. Instead, the lender's inspection is commonly used to verify that the property is being completed according to the plans presented to and approved by the lender for the mortgage financing. Remember that construction loans are released in stages; the inspection fee usually covers the inspection that must be done as each stage is completed—so as to release the funds for the next step. For more information, see the "Construction Loans" article in the "Loan Programs" section.

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