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What you should know about the market…
• In today’s economy, many homeowners are looking for ways to reduce spending. One way to do so is by reviewing their homeowner’s insurance policy and looking for ways to cut costs without adversely affecting coverage. Raising the deductible from $500 to $1,000, reducing coverage on the "household contents" portion of the policy, and installing home security devices could save as much as 25 percent every month on premiums, according to the Insurance Information Institute.
• First-time home buyers easily can become overwhelmed with the many loan choices available to them. Experts recommend first-time home buyers apply for a loan with an interest rate fixed for the length of time the buyer plans to live in the home. Hybrid loans may be an option worth considering, as they are fixed for a set period and later change to an adjustable-rate mortgage. This may be a viable option for a buyer planning to stay in the home for just a few years or the length of the fixed-rate period. However, most buyers should give serious consideration to a 30-year fixed-rate loan.
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