When it comes time to make an offer on a home, including a foreclosure or a short sale in Virginia Beach, Newport News, or anywhere in Hampton Roads, how do you determine a fair offer price? How do you know when the seller is asking too much?

Real estate agents understand the frustration associated with determining the right amount for your offer.  There are many things to consider, and there really is no standard value calculation.  For example, two identical homes on identical pieces of land, located on either end of a single city, may vary significantly in value.

There is a delicate balance between offering too much and insulting the seller with an unreasonably low price.  Your agent will help you craft an excellent offer. Utilize his/her expertise, and let him/her take the pressure off you. Here are some of the ways to estimate the approximate value of a home.

Ask your agent for a list of recent sales in your area. You may not realize just how much listing prices can vary from actual selling prices.  Your agent can provide a detailed report of homes that have recently sold in your preferred area.  The information contained in the report will include the listing and selling prices of each home.

With this information, you can determine the average difference between the listing price and selling price.  In some markets, buyers pay less than the seller’s listing price.  In other markets, buyers pay significantly more than the listing price. It really depends on the local market trends.  Armed with this information, you and your agent can better judge the market conditions.

Hire an independent appraiser. You may opt to have an independent home appraisal completed before you make an offer to the seller.  The general rule of thumb to follow when selecting an appraiser is that he or she should not be connected with either you or the seller.  This makes the appraiser a completely independent third party who should provide a more objective appraisal. Your agent should be able to connect you with a trustworthy appraiser.

What you can expect from an appraiser:

• The appraisal report you receive will contain information about the property and the surrounding area.  You will receive a list of three comparable properties in the area and a statement about the housing market at the time of the appraisal.
• The appraisal report will give detailed information about potential issues, including those that could seriously impact the appraised value of the home. If there are any serious problems or damage, it will be noted in the report.
• The appraised value will be included in the report.

Learn as much as possible about the seller. The more information you have about the seller, the better your chances of making an offer that is accepted the first time.  For example, ask your agent how long the home has been on the market.

Determine whether the home is over-priced. As mentioned earlier, real estate markets vary by location.  In some locations, sellers choose to list their home for a price that is higher than what they anticipate receiving.  Since you obviously cannot ask the seller what his or her bottom line is, you will need to identify local trends before establishing an offer price. If you find that a home is overpriced, offer a price lower than the listing. However, be sure to offer a price that will make the seller feel you are seriously interested. Your agent can provide an expert recommendation for offer price based on extensive experience and research.

Determine whether the home is under-priced. You may determine the listing price of the house you want is less than the listing prices of comparable homes. When this happens, the seller may be expecting you to make an offer higher than the listing price. Keep in mind that when a home is listed below its market price, an offer equal to the listing price may seem insulting to some sellers.  Your agent can help you find a balance between the listing price and an offer that will satisfy your needs as well as the seller’s.

Consider the Value of Contingencies. When you find an attractive home, realize that several other buyers may also be very interested in making an offer.  Therefore, determine ahead of time what you are willing to give up in contractual agreements and obligations to make your offer as attractive as possible to the seller.

Your agent can ask the listing agent whether the seller has obtained a pre-sale home inspection. If so, then you and your agent can evaluate the legitimacy of the inspection report by researching the home inspector.  If the inspection seems accurate and the inspector is properly certified, you might opt to waive the right to a home inspection.  You might also agree to allow the seller to remain in the home rent-free for a specific period of time after the closing. This is particularly useful when the seller is building a home or the closing is pending on the purchase of his or her next home.

Trust Your Instincts. Wise agents advise their clients to trust their instincts.  If you have found the perfect home and are thus willing to pay a premium for it, you may feel comfortable offering a high price in order to get what you want. However, if negotiations reach a stalemate and the seller does not seem interested in your offer, you might need to move on.

Become educated. Congrats! You’ve already begun by reading this guide. Every buyer and situation is different, so the best thing you can do is to become educated. Your agent can minimize cumbersome leg work for you by providing research about your preferred area. Having this information will make it easier to find the perfect home at price you like.

Keep in mind – you can search homes in Virginia Beach and Hampton Roads right here. You can get personal help and specific answers to questions by contacting us. Happy house hunting!

You may have already learned – all real estate agents are not the same. So, there are certain questions you should ask when evaluating a potential real estate agent. The first question you should ask is whether or not the agent is a member of the National Association of REALTORS^® (NAR). These agents are bound to a strict code of ethics, and are recognized as professionals. You should then ask:

• Does the agent have an active real estate license in good standing? To find this information, you can check with your state’s governing agency.




• Does the agent belong to a Multiple Listing Service (MLS)? Multiple Listing Services are cooperative information networks of REALTORS^® that provide descriptions of most houses for sale in a particular region.




• Is real estate their full-time career? If you needed surgery, you wouldn’t want a part-time, amateur surgeon, right? You should feel the same about the professional handling the biggest investment you may ever make.




• What extra qualifications does the agent hold? Good agents obtain extra training to become an Accredited Buyer’s Agent Representative. They may also hold designations from the Graduate REALTOR^® Institute.




• In exchange for your commitment, how will the agent help you accomplish your goals? They should show you homes that meet your requirements after providing you a list of the properties he or she plans to show you.

It’s important to find the right REALTOR® for your specific needs. If you would like a place to start, please feel free to contact me. I’m happy to help you have a great home selling and/or buying experience!

Once your offer on a new home in Hampton Roads is accepted, you’ll need to purchase homeowner’s insurance before your closing date. Other types may be appropriate, as well. The essential idea behind various forms of real estate insurance is to protect owners in the event of a catastrophe.

What Kind and How Much?

Insurance policies and warranties have limitations, and individual programs have different levels of coverage, deductibles and costs. A good real estate agent can connect you with a trustworthy insurance company. There are various forms of insurance associated with home ownership, including these major types:

Homeowners’ insurance. Homeowners’ insurance provides fire, theft and liability coverage. Homeowners’ policies are required by lenders and often cover a surprising number of items. In some cases, they may even including such property as wedding rings, furniture and home office equipment.

Title insurance. Purchased with a one-time fee at closing, title insurance protects owners in the event that title to the property is found to be invalid. Coverage includes “lenders” policies, which protect buyers up to the mortgage value of the property, and “owners” coverage, which protects owners up to the purchase price. In other words, “owners” coverage protects both the mortgage amount and the value of the down payment.

Flood insurance. Generally required in high-risk flood-prone areas, this insurance is issued by the federal government and provides as much as $250,000 in coverage for a single-family home plus $100,000 for contents. Your real estate agent can explain which locations require such coverage.

Home warranties. With new homes, buyers want assurance that if something goes wrong after completion, the builder will be there to make repairs. But what if the builder refuses to do the work or goes out of business? A home warranty can help. They are generally designed to provide several forms of protection: workmanship for the first year, mechanical problems such as plumbing and wiring for the first two years, and structural defects for up to 10 years. Home warranties for existing homes are one-year service agreements that can be renewed annually. In the event of a covered defect or breakdown, the warranty firm will step in and make the repair or cover its cost. You pay only a small deductible.

Here’s a brief, but important question to consider before you start searching for a home in Virginia Beach and anywhere in Hampton Roads. Do you really know what you need and want in your new home? You’ll save yourself many hours of shopping if you make a list ahead of time.

Your house hunting list should include:

• Features you must have
• Features you would like to have
• Features you definitely don’t want

Your goal is to find the right home for your family without falling in love with one that doesn’t suit your needs. Here’s a tip: start compiling your wish list by thinking about what you like and dislike about your current home. Then, share your prioritized list with your agent. He or she has special resources for matching you with the right potential homes.  Your agent will be able to research many homes through a variety of different methods with the goal of finding one that suits your lifestyle perfectly.

Once your offer is accepted when you buy a home in Virginia Beach or anywhere in Hampton Roads, you will have a specific amount of time in which to conduct a home inspection.

A number of inspections are common in residential real estate transactions. They include termite inspections, surveys to determine boundaries, appraisals to determine value for lenders, title reviews and structural inspections.

Structural inspections are particularly important. During these examinations, an inspector comes to the property to determine if there are physical defects. He can tell you whether expensive repairs and replacements are likely to be required in the next few years. Such inspections for a single family home often require two or three hours, and buyers should attend. This is an opportunity to examine the property’s mechanics and structure, ask questions and learn far more about the property than is possible with an informal walk through.

What a Home Inspection Should Cover

Home inspections will vary depending on the type of property you are purchasing. A large historic home, for example, will require a more specialized inspection than a small condominium. However, the following are the basic elements that a home inspector will check. You can also use this list to help you evaluate properties you might purchase.

Structure. A home’s skeleton impacts how the property stands up to weather, gravity, and the earth. Structural components, including the foundation and the framing, should be inspected.

Exterior. The inspector should look at sidewalks, driveways, steps, windows, and doors. A home’s siding, trim, and surface drainage are also part of an exterior inspection.

Roofing. Take note of the roof’s age, conditions of flashing, roof draining systems (pooling water), buckled shingles, loose gutters and downspouts, skylight, and chimneys.

Plumbing. Thoroughly examine the water supply and drainage systems, water heating equipment, and fuel storage systems. Drainage pumps and sump pumps also fall under this category. Poor water pressure, banging pipes, rust spots, or corrosion can indicate problems.

Electrical. Safe electrical wiring is essential. Look for the condition of service entrance wires, service panels, breakers and fuses, and disconnects. Also, identify the number of outlets in each room.

Heating. The home’s heating system, vent system, flues, and chimneys should be inspected. Look for age of water heater, whether the size is adequate for the house, speed of recovery, and energy rating.

Air Conditioning. Your inspector should describe your home cooling system, its energy source, and inspect the central and through-wall cooling equipment. Consider the age and energy rating of the system.

Ventilation / Insulation. To prevent energy loss, check for adequate insulation and ventilation in the attic and in unfinished areas such as crawlspaces. Also look for proper, secured insulation in walls. Insulation should be appropriate for the climate. Excess moisture in the home can lead to mold and water damage.

Fireplaces. They’re charming, but they could be dangerous if not properly installed. Inspectors should examine the system, including the vent and flue.

Interiors. An inspection of the inside of the home can reveal plumbing leaks, insect damage, rot, construction defects, and other issues. An inspector should take a close look at:

• ­Walls, ceilings and floors
• ­Steps, stairways, and railings
• ­Countertops and cabinets
• ­Garage doors and garage door systems
• ­Doors and windows

Siding (brick, stone, stucco, vinyl, wood, etc.)

Driveways / Sidewalks

Attached porches, decks and balconies

For more information, try the virtual home inspection at www.ASHI.org, the Web site of the American Society of Home Inspectors.

When buying or selling a home in Hampton Roads, why would you bother hiring a REALTOR® and paying commission?

Many home sellers and buyers ponder this question. However, when you are exchanging such a large sum of money, a better question is, “How will I protect myself from legal problems, and how will I protect my money?” The answer is, “With the help of an expert whose passion and career is dedicated to representing people.” Below are some crucial reasons for choosing a REALTOR®.

Why Hire a REALTOR®

To Get the Lowest Price. A good agent will prepare a strong offer that presents the buyer in the best light based on market demands and info obtained by networking with other agents. To determine a fair offer price, a real estate agent performs a comparative market analysis. This analysis is based on current market trends and recent sales in a given area. It is the basis for the agent’s recommended offer price. Without an agent, it can be difficult for a buyer to determine whether a home is listed at fair market value, if it’s over-priced, or if it’s a superb deal.

To Protect Your Interests. An agent is bound by law to work in his/her client’s best interest. Traditionally, these common-law obligations are to: put the client’s interests above anyone else’s, keep the client’s information confidential, obey the client’s lawful instructions, report to the client anything that would be useful, and be accountable to the client for any money involved.

Exclusive Access. Only agents have complete access to the Multiple Listing Service (MLS), including search tools not available to the public. This access allows an agent to alert you of new listings as soon as they are placed on the market.

Exclusive Relationships. A good real estate agent will have invaluable relationships with other agents, which may help provide access to information you couldn’t get on your own. A study by the National Association of REALTORS® revealed that 82% of homes are sold through an agent’s contacts. Additionally, a good agent has connections with other trustworthy parties you’ll need, such as home inspectors, a financing team and a real estate lawyer for closing.

Knowledge of Contracts. A good real estate agent will fully understand the lengthy, complicated contracts involved in home-buying. As an expert who buys and sells homes every day, your agent can predict things that a buyer without a professional agent would not foresee. Your agent will review documents for loopholes and obtain disclosures. He/she will know what information must be included and can protect you by ensuring everything in the contract is correct before you sign. They can also advise on what stipulations you should make in the contract – for example, repairs that must be made or items that should remain in the house at closing.

To Help Minimize Risk. A real estate agent can provide an unemotional view of a potential home and identify what should be included or changed in an offer to get a better deal. Buyers who choose to enlist an agent benefit from the agent’s responsibility to disclose potential drawbacks and flaws of a home. Sellers have little incentive to disclose this information if you are not represented by an agent.

To Make the Process Easy. Truthfully, the process of buying a house can be a pain.  A good agent will make a buyer feel like the process is easy because the agent will be doing all the work. A good agent can do many things that would be time consuming for you to do alone. By understanding exactly what you want, an agent can search through countless listings so you only spend time visiting homes that truly meet your needs. An agent saves you time by contacting other agents to set up viewings.  Your agent acts as a liaison between you and the seller’s agent, eliminating the need for you to deal directly with him/her. Additionally, an agent saves you time by connecting you with reliable parties you’ll need, such as a home inspector and a lawyer for closing.

For more information on hiring a REALTOR® and identifying a good REALTOR®, download your free Hampton Roads Home Buyer’s Guide.

Educated sellers who have done their research are almost always able to significantly reduce the costs that they incur while selling their home.

If you are selling your home with the intention of moving to another home or relocating to another city, the first steps in the selling process are the same as the first steps in the buying process: contact a REALTOR® for help and a mortgage lender for a loan pre-approval.  This step is important because there have been cases where sellers have sold their home before learning that they could not qualify for a mortgage to buy the home they wanted.  In these cases, the sellers come out of the transaction unhappy and end up living in a home that is less than what they had expected.

The next step is to carefully research the costs associated with the new home that you intend to purchase.  If you plan to move to an area with a higher cost of living, you will need to evaluate affordability just like you did when you purchased your first home. A seller who is also a well educated buyer usually can reduce the costs that he or she incurs to purchase a new home and assume a new mortgage loan. Below is a list of costs commonly associated with selling a home in Hampton Roads.

Agent Costs

To protect yourself in the sale process, choose to work with a certified REALTOR® who has vast expertise and years of experience.  The REALTOR® fee that he or she will receive from your sale will be paid in the form of a commission at the time of the closing.

For Sale By Owner Costs

If you opt to sell your home as “For Sale by Owner” (FSBO) without a REALTOR®, you will face many expenses during the sales process.  These costs can vary significantly, depending on how you market the home, which professional(s) you select to handle your paperwork, and how much of the sale you can handle on your own. Additionally, without a REALTOR® to be your advocate, you may be more likely to experience law suits from buyers. This is because the process by which title to real property is transferred is rather complicated, and the typical home seller is not familiar with the many legal issues that can and do arise, even in a fairly simple transaction. Important decisions must be made concerning contract terms, escrow matters, transfer of title, apportionment of costs and any number of other matters. Also, bear in mind that a simple missing word, or a mistake in grammar can create a dispute which, in turn, can give rise to a lawsuit. Also keep in mind, buyers who look for “FSBOs” may offer up to 10% below the price of comparable properties because they know you are not paying a commission.

Advertising Costs

When you opt to sell your home with a REALTOR®’s assistance, you avoid the expense of advertising your home for sale.  However, if you opt to sell without an agent in the hopes of avoiding the agent commission, you are responsible for all the advertising costs. These costs can be insignificant or substantial, depending on the location, the type of advertising you select, and the number of people who pass by your home daily.

A REALTOR® will advertise your home to other agents in the area. They will then pass along information to their clients, which are potential buyers.  REALTORs® are experienced in successful advertising, and they will do everything possible to make sure you are pleased with the results.

Closing Costs

The seller sometimes assists the potential buyer by offering to pay some percentage of the closing costs.  However, the offered price for the home is sometimes raised in this situation. In effect, the buyer reimburses you for your contribution. Depending on the mortgage program that the buyer has chosen to use, the amount of closing costs the seller can pay may be limited.  This limit may be percentage-based or it may depend on the size of the buyer’s down payment.  Some Veteran’s Administration (VA) mortgage programs allow the seller to pay all of the closing costs.

Repairs

The cost of preparing your home for sale is highly variable.  If you merely clean and apply a coat of paint to the interior walls, your repair costs will be insignificant.  However, if you determine that the home will sell for more with a new roof and an enclosed patio, the cost of making these modifications could be quite high.

Naturally, these are not the only possible repair costs.  Home inspections often reveal problems that the seller is obligated to repair or update before the sales transaction can be finalized.  Sometimes the buyer is willing to assist with these costs, but at other times the seller must bear the burden alone.  Depending on the age, location and style of your home, as well as its upkeep over time, the home inspection may be favorable or unfavorable for the seller. You can often reduce the unexpected cash outlay by getting a inspection of your own before placing your home on the market.

These are some of the costs to expect when selling your home; however, you may not encounter all in this list.  Contact a REALTOR® for more information.

Agent Costs
To protect yourself in the sale process, choose to work with a certified REALTOR® who has vast expertise and years of experience.  The REALTOR® fee that he or she will receive from your sale will be paid in the form of a commission at the time of the closing.

FSBO Costs
If you opt to sell your home as “For Sale by Owner” (FSBO) without a REALTOR®, you will face many expenses during the sales process.  These costs can vary significantly, depending on how you market the home, which professional(s) you select to handle your paperwork, and how much of the sale you can handle on your own. Additionally, without a REALTOR® to be your advocate, you may be more likely to experience law suits from buyers. This is because the process by which title to real property is transferred is rather complicated, and the typical home seller is not familiar with the many legal issues that can and do arise, even in a fairly simple transaction. Important decisions must be made concerning contract terms, escrow matters, transfer of title, apportionment of costs and any number of other matters. Also, bear in mind that a simple missing word, or a mistake in grammar can create a dispute which, in turn, can give rise to a lawsuit. Also keep in mind, buyers who look for “FSBOs” may offer up to 10% below the price of comparable properties because they know you are not paying a commission.

Closing Costs
The seller sometimes assists the potential buyer by offering to pay some percentage of the closing costs.  However, the offered price for the home is sometimes raised in this situation. In effect, the buyer reimburses you for your contribution. Depending on the mortgage program that the buyer has chosen to use, the amount of closing costs the seller can pay may be limited.  This limit may be percentage-based or it may depend on the size of the buyer’s down payment.  Some Veteran’s Administration (VA) mortgage programs allow the seller to pay all of the closing costs.

Repairs
The cost of preparing your home for sale is highly variable.  If you merely clean and apply a coat of paint to the interior walls, your repair costs will be insignificant.  However, if you determine that the home will sell for more with a new roof and an enclosed patio, the cost of making these modifications could be quite high.

Naturally, these are not the only possible repair costs.  Home inspections often reveal problems that the seller is obligated to repair or update before the sales transaction can be finalized.  Sometimes the buyer is willing to assist with these costs, but at other times the seller must bear the burden alone.  Depending on the age, location and style of your home, as well as its upkeep over time, the home inspection may be favorable or unfavorable for the seller.

You can often reduce the unexpected cash outlay by getting a home inspection of your own before placing your home on the market.

Advertising Costs
When you opt to sell your home with a REALTOR®’s assistance, you avoid the expense of advertising your home for sale.  However, if you opt to sell without an agent in the hopes of avoiding the agent commission, you are responsible for all the advertising costs. These costs can be insignificant or substantial, depending on the location, the type of advertising you select, and the number of people who pass by your home daily.

A REALTOR® will advertise your home to other agents in the area. They will then pass along information to their clients, which are potential buyers.  REALTORs® are experienced in successful advertising, and they will do everything possible to make sure you are pleased with the results.

These are some of the costs to expect when selling your home; however, you may not encounter all in this list.  Contact a REALTOR® for more information.

Short sales sound great, don’t they?! After all, the buyer gets their home at a bargain price, and the seller avoids foreclosure! Ideally, it would be that grand. However, a successful short sale is usually anything but that. More often than not, the process is very long, tedious and unpredictable for both buyer and seller. You may get that bargain you’ve dreamed of, but it will take hard work. The information below will help you decide if pursuing a short sale is right for you. This isn’t a description of the process – it’s a list of hurdles you may encounter during the process.

Difference Between Short Sale and Foreclosure

With a foreclosure, the bank forces the homeowner out of their home. With a short sale, the seller seeks to leave willingly. The seller hopes the bank will find it more beneficial to accept the short sale offer than spend time and money on the foreclosure process. But, there’s no guarantee this will happen.

Prepare For The Following

• The bank must do two things before they can render a decision. 1) Determine whether the seller’s situation qualifies for a short sale 2) Determine whether they will accept the buyer’s offer. These two things include many steps that take a long time.

• The process will most likely take at least 3-6 months, if not more.

• You are at the mercy of the bank. They can take as long as they want to make a decision, and no one can guarantee the outcome – not the seller, the seller’s real estate agent or the buyer’s real estate agent.

• The bank usually refuses to indicate what price they are willing to accept before an offer is placed.

• The bank is usually unwilling to accept an offer less than the current fair market value of a home. Your real estate agent can help you determine fair market value.

• If the bank rejects an offer, the entire process usually must start all over again – even if the new offer comes from the same buyer. Generally, that means at least 3-6 more months before a decision is made by the bank.

Though it’s important to be prepared for these hurdles, please note: All hope is not lost! Every once in a while, there IS a short sale that doesn’t take forever!

Have you recently bought a short sale in Hampton Roads, or are you currently seeking one? If so, what hurdles and/or ways to cope have you discovered?

If you buy a home in Virginia Beach, Norfolk, Newport News or anywhere in Hampton Roads, you want to take care of it – of course. It may be the biggest investment of your life! This list of fall projects is designed to help you winterize your Hampton Roads home.

Fall is the perfect time to take a walk around your home, note problem areas and set in motion a plan to correct potential problems before they begin, small problems before they grow, and large problems before they become uncontrollable! Below are simple things that you can do to make springtime more enjoyable, regardless of where you live.

• In case of freezing temperatures, drain and turn off outside spigots




• Drain, dry and store garden hoses that you would like to use next season




• Clean and store your patio furniture, gas grills and lawn equipment




• Check to make sure that no critters are living in your foundation or attic

Trim Limbs. Fall is the best time of year for trimming back unruly trees. During the winter, ice can form on trees and make the limbs significantly heavier. Therefore, cut back any limbs that touch your home, or they might pose a danger to siding or windows if they become loaded with snow or ice later in the season.

Look Through Your Windows. If your windows are foggy and cleaning them makes no difference, it is probably because a seal has been broken on multi-paned glass. The purpose of that seal is to insulate your home. With winter approaching and heating prices at an all time high, replace or repair window panes that have broken seals.

Patch Cracks. Walk around your home’s exterior and look for cracks in the foundation and missing caulk around windows and other openings. Leaky windows and doors cause homes to lose heat, and they can grow as a result of ice formation in the coldest months. Fill cracks now before the weather gets colder.

Clean Gutter Clutter. This is perhaps one of homeowners’ least favorite chores, but unless you want to install new gutters in the spring, you need to pull out the leaves and other debris in the fall. Many manufacturers offer solutions to cover your gutters and reduce the buildup of debris. They are not foolproof, but if you hate to clean out your gutters they may be worth the investment. Don’t forget the downspouts, where ice can combine with debris to cause bursting and leaking. Gutters and downspouts were developed to keep water away from your home. If you skip this chore, you probably will spend a lot more time mopping the basement floors later in the winter, because all of that water and ice needs has to go somewhere.

Real estate agents know how to spot the difference between well-maintained and neglected homes. Some of the most common areas of neglect are those listed above. Homes that are well-maintained and properly winterized are a hot commodity! Don’t risk your investment by being lax in your upkeep. In just one or two weekends, you can complete all of the items described above. Your home deserves it.

Know additional ways to winterize your home? Share them here! Thanks!

Mortgages in Virginia Beach, Mortgages in Norfolk – Mortgages anywhere in Hampton Roads! If you aren’t yet familiar with mortgages and lenders, here’s a crash course.

Traditional 15- or 30-Year Fixed-Rate Mortgage
This type of mortgage loan usually has a 15- or 30-year payoff (amortization) schedule. Over the years, you make equal payments that are applied to the interest and principal in varying proportions until you completely pay off the loan. The interest rate does not change.

15- or 30-year Adjustable-Rate Mortgage (ARM)
The ARM is declining in popularity as a result of better fixed-interest rates with traditional mortgage programs. However, sometimes a new homebuyer will want or need to purchase a home that is more expensive than what he or she can afford at the time of the purchase. ARMs, which come with low introductory interest rates that are almost always locked-in for the first five years, can be a good option. After the introductory period, the interest rate becomes variable and may drop or skyrocket, changing throughout the life of the loan according to a pre-defined time schedule and market interest rates.

If you would like help identifying which type is best for you, feel free to contact us!