Buying your first home can be a very overwhelming and emotional experience. As a first-time home-buyer, it is okay to not understand every detail in the home buying process, however, there are a few things you may want to know to help you navigate the process. Since the month of September is recognized as National Mortgage Professional Month, we would like to provide some tips to assist you in purchasing your first home:
- Communicate clearly with your agent.
- Get pre-approved before you begin house hunting.
- You don’t need 20% saved for a down payment.
- Invest as much money as you can now, to help pay for your future mortgage payments.
- Know what type of market is currently occurring.
- Factor in all housing expenses such as property taxes, mortgage insurance, and utility bills.
- Think about what you will want for the next several years.
Homeowners and Flood Insurance
Before closing on your home, your mortgage lender will require you to purchase homeowners insurance. Speak to your agent about obtaining your homeowners insurance through Florida Peninsula Insurance Company. We offer homeowners policies with comprehensive coverage at affordable rates. We understand each family is unique and offer a wide selection of coverages to accommodate your needs. Remember, flood damage is not typically covered under your homeowners policy, and as one of the most likely and costly disasters in the United States, you will want to purchase flood insurance for your new home. Florida Peninsula offers flood coverage as a certified endorsement to our qualifying policyholders, eliminating the need for a standalone flood insurance policy. To learn more about obtaining homeowners or flood insurance with Florida Peninsula, contact your agent, or call us at 877-229-2244.
We hope these tips assist you in making your first-time home buying experience a positive one. For more first-time home buying tips, click here.
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