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5 Tips For First Time Home Buyers
Find Out What You Can Afford
Looking at a mortgage affordability calculator online can provide you with a general idea of the house price range you should be looking at.
For the best advice, contact the Mortgage Alliance Professional that’s right for you. They will be able to provide you with a free pre-approval which will let you shop in confidence.
Click below to download MOPOLO, our free mobile app which is fully equipped with mortgage calculators, rates, and a mortgage application you can submit from anywhere.
Prioritize Your Wants
What is most important to you in your first home? Is it the size, location, or amenities? Make a list and narrow it down!
Tip: Stop by City Hall to see future development plans – this could have an impact on re-sale values. Positive or negative it is best to find out before you buy.
Get A Home Inspection
This is a crucial part of the buying process. It is very important to choose a reputable home inspection company which is why Mortgage Alliance Professionals have partnered with the largest home inspector network in the country.
Depending on the age of the home you may want to order additional inspections which check for mould, and termites, as well as inspections of the drainage system and even sufficient insulation or moisture that could be behind the walls. If may cost a bit more upfront but will result in fewer problems after closing.
Ask Questions Then Ask More Questions
When buying a home be ready with your list of hard questions. We suggest directly asking the seller questions like if they have ever had a flood or leaky roof. Ask them if they have made insurance claims on the house and who did the repairs.
Watch how they answer and be sure to relay the message onto your home inspector and agent. Depending on the answer you may want to adjust your offer or walk away.
Ask About After-Sale Warranties
Ask what after-sale warranties are available on the home you are looking to purchase. After-sale warranties will protect you from costly heating, air conditioning, wiring, plumbing or appliance repair bills after closing.