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| Bank Rates |
Term |
Our Rates |
| 3.90% |
1 |
3.39% |
| 4.05% |
2 |
3.59% |
| 4.85% |
3 |
3.75% |
| 5.59% |
4 |
4.34% |
| 6.10% |
5 |
4.09% |
| 6.70% |
7 |
5.80 % |
| 6.80% |
10 |
5.80 % |
| Posted: 7/6/2010, OAC |
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Take advantage of the lowest interest rates in 30 years!
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Negotiate the Best Deal for that particular home
Even though purchasing a home can be quite scary, the fun part is shopping for it. Make sure that when you are viewing homes that you don't view too many in one day; otherwise it will be hard to remember which home had which feature. Many people take a checklist with them so that they remember the specifics that are important to them. Communicating your thoughts with your realtor is vital. Make sure that he or she is aware if one of the homes you view is not what you are looking for, that way he or she can rule that home out. Sometimes going out the first time will give you a better idea of what you are really looking for.
After you have narrowed your search down to the home you want your Realtor should provide you with the market research on that particular property. You can negotiate your buying price after your realtor has determine the "fair market value", which is usually done by comparing recent sales of similar homes in that area. Remember to ask the realtor to provide data of comparable sales on similar homes that have sold in the area. Ask for history on the property that you are interested in including how long it has been on the Market. What did the previous owner pay for the property? What improvements were made to the property? With all of this information you are now better prepared to make an offer. Your realtor will be able to guide you through this step as your offer should be in writing.
The offer will specify price, when you take possession of the home, and anything to be included with the home (window coverings, fridge and stove, etc.). Another condition you might want to place on the offer is a home inspection. You may want to consider having an inspection done to ensure that all plumbing and electrical items are functioning properly. The inspector will also check things like the roof, the windows, etc., to ensure that everything is in good working condition and that there are no surprises.
Once an offer is accepted it is now a firm and binding contract and is know as an "agreement of purchase and sale". It's always best to have the agreement of purchase and sale "conditional upon financing". Even though you already have received a pre-approval from your mortgage specialist, the approval gets firmed up based on the fact that there is now an actual property in place.
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