When choosing a new home in New Orleans, it is important to look for things that can help you get a better rate on your loan.
First, look for anything that can mitigate the damage caused by a hurricane or other strong storm. A raised home is practically a must for getting reasonable insurance and mortgage rates, especially in areas that flooded during Hurricane Katrina. Also, a new roof and one where the shingles are nailed down to Maimi-Dade wind code standards is a big plus.
Second, be sure that the house has all proper safety equipment. Rails on elevation changes, fire extinguishers, smoke detectors, burglar alarms and other safety features not only lower the cost of insurance, but help a home get the best mortgage rate possible. Though it can not reverse the hike caused by a low credit score, it can save a lot of money.
Finally, check to make sure that both your plumbing and wiring are modern. Old plumbing is prone to rust and breakage, causing foundation problems and old wiring is a fire hazard not to mention dangerous to humans. These increase your insurance costs and raise your mortgage rate.
Be smart when buying a home, you’ll be glad you did!
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