5 tips for Every Home Buyer

Buying a home is exciting! but even a few small mistakes can cost you thousands or even delay your closing. Whether you’re a first-time buyer or a seasoned homeowner, these 5 tips can help you avoid common pitfalls during the home buying process. 1. Get insurance before you buy:

Most mortgage lenders require proof of homeowners insurance before they release loan funds at closing. Starting early ensures you have coverage in place the day you take ownership and prevents delays in the closing process. It also gives you time to compare policies and pricing.

2. Past claims on the property can increase premiums: Insurance companies often review a property’s claims history when determining coverage and pricing. Homes with multiple past claims may be considered higher risk, which can lead to higher premiums, limited coverage options, or difficulty obtaining a policy.

3. Always ask about the roof condition:

The roof is one of the most important factors insurers consider when underwriting a policy. Older or damaged roofs increase the likelihood of claims, which can lead to higher premiums or even denial of coverage. Knowing the roof’s age and condition can help you plan for repairs and insurance costs.

4. Get the seller’s maintenance records:

Maintenance records give you insight into how well the home has been cared for and whether major systems (HVAC, plumbing, roof, etc.) were serviced regularly. This information helps you anticipate future repairs and may also help when working with inspectors or insurers.

5. Never take additional loans before you close:

Opening new credit cards or loans during the mortgage process can change your credit score and debt-to-income ratio. Even small changes can cause lenders to re-evaluate your loan, potentially delaying closing, increasing your interest rate, or even resulting in loan denial. Contact Us | AZ Insurance Team | Auto, Home, Life, Commercial…

Independent insurance brokerage located in Tempe, AZ. We offer auto insurance, homeowners insurance, life insurance, renters insurance, commercial insurance…

Disclaimer: Coverage will vary based on state, insurance company, and type of policy