How many homes should I look at before I make an offer?
You may find your dream home on your first visit or your fifth, there’s really no set number. The more homes you visit the better feel for the community and the homes styles you will get. You’ll know when the time is right – there’s always that special feeling you get when you set foot in YOUR next home.
Should I Hire a Professional Home Inspector or Structural Engineer?
An inspection is almost a “must” if you are purchasing an older home, even if you are buying in “as is” condition. A good inspector will be able to tell you the age of the home and also be able to tell you what different aspects of the home might need replacing in the next few years, such as the roof, appliances, or other mechanical systems.
What is an Adjustable-rate mortgage (ARM)?
This is a type of loan in which the rate changes anywhere from once in six months to once in five years to reflect interest rate changes. To sell an ARM, a lender will offer a lower initial rate than on a fixed loan.
What is Private Mortgage Insurance (PMI)?
Your lender will probably require you to obtain private mortgage insurance, if your down payment is less than 20 percent of the property’s cost, which protects your lender if you default on the loan. Cost: $45 to $75 a month. Make sure that you can cancel the private mortgage insurance policy when you’ve paid your loan to less than 80 percent of your home’s value.