Most mortgage lenders will require you to get a mortgage survey before the loan is approved.
The sole purpose of this survey is for the lender to have a legal outline of the subject property including the land and boundaries.
When a new parcel of land is being developed, a survey is formed to define the out spread of the property to understand the legal structure of the property.
Lenders often want to find out what structures are on the land and where they are located.
For example, if there is a deck, pool, porches, shed or backyard on the property, the lender will always want to know their size, location, and type because they can affect the value of the property.
The mortgage surveyor will conduct a brief inspection of the property which might take less than twenty minutes.
They combine their findings with information about similar local properties and comparables.
Sometimes, restoration value is also calculated that can be used as part of your home insurance.