Do You Need Private Mortgage Insurance?

Do You Need Private Mortgage Insurance?

Questions About Shopping For A Home

by Luke Fields

If the time has come in your life for you to buy your first home then you want to make sure you are well-versed on everything you should do to make the process go as smoothly as possible. You will undoubtedly have many questions about the way you should approach things and you can find the answers to some of those questions here:

Should you get pre-approved before looking for a home?

Yes, getting pre-approved before you start shopping for a home can make the process go smoother for a variety of reasons. First, getting pre-approved will let you know that there is a great chance of you getting approved when you go to get the loan. Next, getting a pre-approval ahead of time will let you know just where you stand when it comes to the price range that you should be looking in. Finally, most sellers prefer to take offers from a buyer that's already been pre-approved. In fact, some sellers won't even entertain an offer from someone who isn't already pre-approved.

How long should you wait after seeing a home before making an offer?

Sometimes a person will know right away that the house they have just viewed is the perfect one for them and sometimes it takes looking at some different ones and comparing them to determine the right one. However, the second that you know a house is the one that you want you should put the call in to your real estate agent and let them know to put in your offer. Every moment longer that you wait to get in your offer is another moment that someone else can put one in and have it accepted taking the house right out from under you.

How picky can you afford to be when holding out for the right home?

The pickier you are, the longer it can take to find a home. However, not being picky enough can lead to you regretting your decision down the road and this is definitely something you don't want to do. The best thing to do is to know just what a house must have and hold out for those things, but be a bit more flexible on the things that are negotiable. If you find a house that has everything you need, a lot of what you like and it's in your price range, then you should really consider jumping on it before someone else does.

Whether you're looking for a primary home or one of the many vacation homes for sale, there are many options. Consider these factors and talk to your real estate agent.


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.