The Tomaiolo Realty Group's Blog
58 Summerhill Ave, Worcester, MA 01606
When buying a home, there are so many things to check out before the big signing day. Inspecting a home should be at the top of the list. Home inspections identify problems that may not be obvious to the naked eye. Here are some important things to consider when having your new home inspected.
There are different home inspection processes to choose from and the age of your home will help to determine which one to get.
Start by first finding a professional and certified home inspector. Check out your online resources such as Angie’s List and the home adviser website to find one close to you. Realtors also have recommendations of inspectors so make sure to ask them to help you locate one.
Once you have found your certified home inspector, they would be able to identify with you what type of inspection your home would need. Most homes need a general or residential inspection. General inspections include the structure, exterior, roof, electrical, plumbing, HVAC, interior, insulation, and ventilation. After completing the inspection, the final report helps the buyers decide on any needed repairs before purchasing. To get the most information out of the inspection, make sure to ask questions about the findings. Having these answers on hand will enable you to negotiate with the sellers about including those needed repairs. Besides, it is essential to know the structural condition of your home.
Another home inspection to consider is the termite/wood destroying organism inspection. This type of inspection would account for structural damage caused by wood boring insects. For older homes, these insects may cause problems in the future. Generally, this type of inspection comes at an additional cost.
If you are buying a home that is older than 30 years or more, consider doing a lead-based paint inspection. This type of inspection came about after the federal government banned the use of lead-based paint. If you that lead-based paint may have been used in your home, hire a certified lead abatement contractor to inspect your home.
Another type of inspection to consider is gas and chemicals. A mitigation contractor can test for methane gas or radon and identify ways to remove it. There are additional charges for this type of inspection. Overall, getting a home inspection is an integral part of becoming a homeowner. Make sure to use the resources provided to you and your realtor for any questions or concerns.
There are different kinds of mortgages available to prospective homeowners today. The right mortgage for you will depend on a number of factors, including your level of income and credit rating. While there are numerous mortgage products available to buyers today, they will mostly fall under the categories below:
Most folks getting a home for the first time will purchase it with the help of a Federal Housing Administration loan. Introduced back in the 1930s after the Great Depression, these loans are insured by the government and hence come with attractively low-interest rates. Since the government backs them, even folks with a bad credit score can confidently apply for FHA loans. If you can't raise all of the down payment the seller is asking for, an FHA loan is ideal.
This kind of loan was established by the US Department of Veteran Affairs to enable former members of the nation’s armed forces to buy homes. You can also access this type of mortgage if you’re the spouse of a deceased veteran. Those who fit under this category can get a mortgage even without a down payment.
If you want to buy a house to stay in for the long haul, a fixed-rate mortgage is a good idea. With this type of loan, the interest rate will remain fixed for the duration of the mortgage. If economists are projecting a rise in interest rates, you can cushion yourself from higher repayments with a fixed-rate mortgage. The predictability of this type of mortgage is ideal for planning since the payment consistency makes it easy to budget your paycheck. While this protects you if the interest index rises, you won’t benefit if there is a fall in the interest index.
Adjustable rate mortgage
If you’re confident that interest rates will decline soon, this kind of mortgage will help you take advantage of that trend. Should the interest rate dip, you can expect your monthly repayments to reduce accordingly.
Despite the name, the interest on the mortgage is usually not flexible for the duration of the loan. The loan starts with a period of fixed interest followed by a period where it becomes adjustable. Such an arrangement will work well for you if you intend to sell the house before the end of that initial period.
Find out the kind of loan you qualify for and see if you can push for better terms. Not sure where to apply? Ask your real estate agent about their recommended lenders.
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