have to pay 3.25% interest even if rates rise while going through the mortgage application process. A rate lock is commonly good for 30, 45, or 60 days, though that time period can be shorter or longer. Once that period expires, the buyer is no longer guaranteed the locked-in rate unless the lender agrees to extend it. This is why arranging a prompt closing is crucial.
#2. Have a Home Inspection
Making absolutely certain that roofing shingles do not fall off on the first day in your new home and that the furnace does not refuse to operate whenever the temperature goes below 45 degrees is generally enough reason to have a home inspection. Engage specialists to check the air conditioning system, plumbing, and electricity. This could save you thousands of dollars by uncovering existing issues. Even new houses need to be checked duly and thoroughly. It does not matter that the house recently had all its municipal inspections done by the builder.
#3. Have a Pest Inspection
The best approach here is to hire a licensed pest inspection company. They will check your future property for contamination by flies, mosquitoes, cockroaches, fleas, rats, mice, bedbugs, termites, beetles, critters, carpenter bees, ants, and a variety of other types of pests. They will also check mold growth and other possible environmental health threats caused by lead, fungus, and asbestos. There is no need to explain how much harm even a small number of termites can do. These issues will inevitably lead to major repair expenses and even health issues, so it’s best to have them identified as early as possible.
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