How Spray Foam Insulation Can Lead to Mortgage Problems
A must know if you own your own home or are looking to buy.
When homeowners consider insulation, they may not realise the impact it can have on their mortgage. One type of insulation, spray foam, can lead to issues with mortgage lenders. Here's what you need to know.
What is Spray Foam?
Spray foam insulation is a type of insulation made by mixing two chemicals that react and expand, creating a foam that fills gaps and spaces to create an air-tight seal. It has been around for over 30 years and can be an effective way to seal gaps and cracks and prevent air leaks, however it can cause many problems.
Click here to speak to a professional to safely and effectively remove the spray foam insulation from your home.
The Problem with Spray Foam Insulation and Mortgages
Spray foam can cause a lot of problems and affect your mortgage. It can cause roof timbers to rot, the lack of airflow can cause mould to form, and it can have toxic release odours. Spray foam can also devalue your home because you would have to buy a new roof since the spray foam can cause so many problems to the roof.
It is because of some of these reasons that most mortgage companies and banks may not consider lending on a property with spray foam insulation.
What You Can Do
If you have spray foam insulation and are concerned about mortgage problems, there are a few things you can do. First, you can contact your lender and ask about their specific insulation requirements. If they require fiberglass or cellulose, you may need to consider removing the spray foam and replacing it with a different type of insulation.
Another option is to work with a lender that does not have specific insulation requirements. This may be more difficult to find, but it can give you more flexibility in choosing the type of insulation you want.
It's important to be aware of the potential impact it can have on your mortgage. If you're considering spray foam insulation, make sure you do your research and understand your lender's requirements before making a decision. By being informed and proactive, you can avoid any potential issues and enjoy the benefits of a well-insulated home.
Speak to a professional today, click here to find out more about what we do and how we can advise you best on the insulation in your home.
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