One of the most common questions we get asked when working with first-time home buyers is, “Can I roll repairs into my mortgage?” Essentially, people would like to know if they can borrow more and spend some of it on home improvements like a new stove, a new fridge or new carpet. There are actually loan programs being offered that may address those concerns, but it would be wise to sit down and have a discussion with your real estate agent about whether or not that’s the best way for you to go.
What you need to bear in mind is that if you choose to go down that road, you are looking at a longer process, more than likely a higher interest rate and you may end up paying more in the long run than if you were to just save and pay for repairs, additions and improvements the good old-fashioned way.
It is definitely something you can discuss with your lender, but remember that buying a home comes with a lot of other expenses besides just the price of the house. If there is any question about you being able to afford these other expenses, including new furniture, it may affect your ability to get qualified to buy.
If you are a first-time home buyer and you have similar questions or concerns, The Incorvaia Team would be more than happy to sit down and discuss them with you. You may contact Tessa, who specializes in working with first-time home buyers, at 216-376-8955.
