Do You Need Private Mortgage Insurance?

Do You Need Private Mortgage Insurance?

Tips To Help You In The Home Buying Process

by Luke Fields

Buying a home is a process in which you want to make the right decisions and take the proper steps in inspection, negotiations, and calculating your budget. Here are some recommendations to help you be successful in your search, evaluation, and negotiation as you look for your next home to purchase.

Arrange For a Property Consultation

As you look for the right property to fit your needs, you will need to visit a house for sale to get a closer look. Arrange a private showing with your real estate agent so you can tour through the home without the pressure of the owner or seller being present. This allows you an opportunity to talk with your realtor about your findings inside the home, the condition of areas, and the potential value of the home and an offer price if you choose to make one. 

Your real estate agent will help you as your professional consultant to compare the home and its list price to other homes in the area and similar homes that have sold recently to establish a true home valuation for the property you are viewing. They can provide recommendations for the home if it needs any repairs or remodeling, for example, which can help you get a visual of the home's potential if you choose to buy it. 

As an example, if you find a home that has an older dated kitchen but the home's price is right for your budget, your realtor can help you plan out some changes and updates you would make to the kitchen to replace the cabinets, appliances, and install hardwood flooring and a decorative tile backsplash. They can help you find contractor estimates to calculate your remodel budget and to help you come to a fair price to offer for the home.

Hire an Inspection Service

After you have entered into a purchase contract to buy a house, you can take some steps to ensure your upcoming purchase investment is going to be free of surprises or problems. A professional home inspection will give you details about the home and the condition of its systems and components. 

An inspector can check the home's attic interior for issues of moisture or mold, then complete a drone inspection of the roof to look for roofing damage or problems. Next, they will also check out the home's electrical to make sure it is up to code and installed properly, compiling all their findings into a full buyer's report.

To learn more about finding a home, contact a real estate agent near you.


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.