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.
Our friends are living in their new home, and love everything about it, however they had to do a lot of leg work before they actually purchased this home. Once they found the home they wanted to purchase they then needed to look into various mortgage companies to find one that would offer them the best interest, lowest closing costs and amount of points, all on the terms they require. After research various different lenders they eventually find a local bank that offered them the best deal on the interest rate and closing cost, with no points.
The next step for our friends was to find a Homeowner’s insurance policy as required by the bank. Of course, this is a policy that every homeowner should have even if there is no existing mortgage. It is the best way to protect what is the most important asset of many families. Again, comparison-shopping was necessary as there are many types of home insurance policies, and premiums can vary greatly by company. They checked with a number of companies and finally located one who provided the exact type of policy that they wanted for a reasonable premium.
When the above was taken care of, it was time to choose specific items for their new home, set up appointments for utility connections, telephone service, etc. They just went to closing on their new property and, as promised, we helped them move in last weekend. We really enjoyed seeing how happy they were with their new home. This is a very exciting time in a family’s life and it was very nice to be a part of it.
If you are looking to purchase online mortgage or to obtain mortgage quotes the most helpful online site to log onto is www.quotefinancial.com.
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