Do You Need Private Mortgage Insurance?

Do You Need Private Mortgage Insurance?

Buying Your First Home? 2 Things To Have Checked Out First

by Luke Fields

If you are planning to buy your first home, this is an exciting time. You do, however, need to make sure you get into the right home that will not cause you any problems, such as repairs that have to be made. To keep this from happening, below are two things you should check out before you sign your name on the dotted line:


An HVAC unit is expensive to replace, so ask the current homeowners when their unit was installed. Also, ask them how often they had it maintained. They should tell you at least once per year. Make sure the unit is turned on and feel the air that comes out of the registers. It should be a steady flow and feel cold.

Hire an HVAC contractor to check the unit for you if you are not sure. They will check the unit both inside and out, as well as check the thermostat and the ductwork. The contractor will make sure the size of the HVAC unit is correct. For example, if it is too small the unit will work hard to keep the temperature maintained inside the home. If the unit is too large, it can cause many problems. For example, it will turn on and off more frequently throughout the day. This puts extra wear and tear on the HVAC unit which means you would have to repair or replace it much sooner than you planned.


Even if the roof looks like it is in good condition, you need to check it. Ask the homeowner how old the roof is and if there was any recent damage to it. Instead of climbing up on the roof on your own, hire a roofing contractor to inspect the roof for you.

The contractor can tell how old the roof is by looking at the roofing materials. For example, if the roof has asphalt shingles the roofing contractor can tell how old they are by looking at the granules. It is common for some granules to come off the shingles but if there is a lot then this is a sign the roofing is old. Once a lot of granules come off the shingles can start to deteriorate.

The roofing contractor will also check the fascia, gutters, and may even check inside the attic for signs of water leaks. A major sign of roof leaks is finding mold in the attic.

These are just two things you need to check. If you want to be sure, hire a company that does home inspections, like Home Inspection Associate!


About Me

Do You Need Private Mortgage Insurance?

Welcome to my website. My name is Larry Silva, and I want to talk a bit about private mortgage insurance. You may have heard the term PMI mentioned when you were in the process of purchasing real estate. When I first heard my lender talking about PMI, I was very confused. It was my realtor who sat me down and explained what private mortgage insurance was and when someone is required to purchase it. He told me that PMI is not lifelong insurance; it can be cancelled when the mortgage principal balance reaches a certain point. Once it was explained to me, private mortgage insurance was no longer a mystery or a confusing concept. I would like to pass on what I learned and hope that you find it to be of value.