Recently, friends of my husband and I were in the market for a new home. Before they started to look they sat and decided on a area that they would like to live, shop and raise a family. Once they decided on the perfect location they contact a Realtor and started looking at homes. Although they were not certain on the type of home they were looking for, they eventually decided on a beautiful contemporary ranch that was suitable for their home needs and budget.
Of course, our friends have picked the best possible time to purchase a new home. It is a “buyer’s market” with low prices and high availability. They are first time homeowners and are, therefore, eligible for the $8,000 subsidy, which is part of the government’s stimulus package. Interest rates are the lowest they’ve been in many years and a variety of terms are available. Their timing for this purchase has been perfect.
Although they are currently in their new home, there was a lot of research and leg work completed before the final sale. To start with they needed to research various mortgage companies to find the cheapest rate that was available to them, at the terms they were looking for. Various lenders required different closing fees, and some were charging points. They finally find what they were looking for from a local bank, which offered them a good rate, low closing fees and no points.
Once they found their mortgage they then needed to research homeowners insurance, as this was required by the bank in order to finalize the mortgage (a standard for all mortgage lenders). Although this was a requirement it was something that they decided was also a necessity. Homeowners insurance is the best way to secure your investment in cases of damage. Since there are many different companies who offer homeowners insurance they shopped around to find one that offered the coverage they were looking for at the best available price.
Once our friends had everything in place they set a closing date, contacted all the required utility companies to set up service and shopped for new furniture with the money they saved on the closing cost and the overall cost of the home. They moved in last week and could not be happier. It brings a smile to my face when I see how happy they are, as they took a depressing time in our countries economy and made a positive life changing decision for themselves.
If you are searching to purchase homeowners insurance or to obtain home equity line rates the most helpful online site to log onto is www.quotefinancial.com.
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