Do You Need Private Mortgage Insurance?

Do You Need Private Mortgage Insurance?

How To Find The Right Fixer-Upper To Buy?

by Luke Fields

If you have never owned a home and feel like you cannot afford a nice one, have you considered buying a fixer-upper? Buying a fixer-upper is a smart move if you want to become a homeowner and have the skills to repair and renovate homes. If you do not know much about home repairs and renovations, this might not be the best idea. If you know a lot about home repairs and want to buy a fixer-upper, here are some tips to help you find the right one to purchase.

Work on Your Financing

The first thing you might want to do before buying a house is to work on your financing. Are you financially able to get a loan? If you have good credit and some money to use as a down payment, you might qualify for a home loan. When buying a fixer-upper, the loan process might be slightly different. You might need to borrow extra money, on top of the purchase price, to use for the repairs. If you must do this, talk to your lender to make sure you can get the extra money needed for the renovations. If you cannot borrow the extra money, you might have trouble fixing up the fixer-upper you buy.

Select a Real Estate Agent

The next thing to do is to pick a real estate agent. You can view properties for sale online, but it is helpful to have a real estate agent when viewing and making offers on homes. You can ask your friends for recommendations if you are not sure who to select.

View Fixer-Uppers

Once you have your financing in place and a real estate agent, you can start viewing fixer-uppers for sale. Your agent will help you find listings to view, and he or she will accompany you to the viewings.

Look for Specific Qualities

As you search for the right one to buy, you might want to look for several things. First, you might want to stick with buying a house in a good location. Location is valuable when buying any house. You should also inspect a house thoroughly to ensure that the home does not have any major flaws, issues, or problems.

If you buy the right fixer-upper, you can sell it and make a profit on the sale. If you need help finding one to buy, talk to your local real estate agent, like those at Whitson Realty and other offices.


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.