Our friends were recently in the process of buying a new home. They have spent a good deal of time deciding upon the area in which they would like to live and shopping for a home at that location. They were undecided about the type of home they wanted, but eventually found a contemporary styled ranch that met their needs and their 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.

Once a decision was made to purchase a specific home, our friends become very busy. They needed to shop for mortgage quotes to be certain that they were obtaining the best possible mortgage rates with the terms that they wanted. They found a large difference in the closing costs and number of points charged by different lenders, but finally settled on a local bank that offered them good rates and terms with lower closing costs and no points to be paid. They have a good credit rating so they were confident that they would be approved for their mortgage loan.

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.

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 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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