Do You Need Private Mortgage Insurance?

Do You Need Private Mortgage Insurance?

A Real Estate Agent Makes Buying Your First Home An Easier Process To Go Through

by Luke Fields

Buying a new home for the first time is an exciting and somewhat scary experience. However, when you work with a real estate agent looking out for your best interests, you can make the big financial decision with peace of mind. Here are a few tips for working with a real estate agent to buy your first home.

Look For An Agent When You're Ready To Buy

Real estate agents usually work on commission. This means they get a percentage of the home when it sells rather than a weekly salary. This motivates the agent to work hard for you, but it's important not to waste an agent's time.

Don't contact an agent until you're ready to buy a house. If you're just looking around, but you're not ready to buy yet, then you can attend open houses or look at online listings. You also need to have your finances in order, and it's a good idea to be preapproved for a mortgage before you start looking for a home. This lets you know the price you can afford so you can narrow down the list of homes to tour. After doing this, then you should contact an agent.

Find An Agent Familiar With Your Neighborhood

If you want to move to a particular neighborhood or condo community, then look for an agent with a lot of experience selling homes in the area where you want to move. An agent who has spent years buying or selling homes in a certain part of the city and specific condo communities has a wealth of knowledge that helps you determine the ideal home for you.

Plus, the agent works in the area daily and has likely already seen the insides of homes on the market. As a result, they can match homes to your preferences before you tour them. An agent familiar with the neighborhood also knows about crime statistics, transportation availability, and the type of people who live in the area. As such, they can help you refrain from moving to a neighborhood full of retirees or single adults if you have young children looking for other kids to play with.

Have The Agent Explain Everything To You

When you're a first-time homebuyer, you probably don't know what to expect when it comes to all the legal documents involved. You may not even know how the buying and selling process works. You don't want to sign anything you don't understand, so read all documents carefully and ask your agent to further explain what they mean.

A real estate agent is used to working with first-time buyers and understands that they must steer you through the process and help you make good decisions. An agent always watches out for your interests and protects you as much as possible so the seller doesn't take advantage of you and so you don't make bad choices due to lack of understanding. Contact a real estate agent for more information. 


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.