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Moen Inc.: From Moen: Things to Consider When Buying in a Buyer's Market

  //house-home.news-articles.net/content/2009/05/2 .. to-consider-when-buying-in-a-buyer-s-market.html
  Published in House and Home on Monday, May 25th 2009 at 6:19 GMT, Last Modified on 2009-05-25 06:20:13 by Market Wire

OAKVILLE, ON--(Marketwire - May 25, 2009) - Housing prices and interest rates are at historic lows. The real estate market is stabilizing. It's a buyer's market -- so buy! Just be sure to think with your head and not with your heart when making this big investment.

Buy What You Can Afford

With homebuilders advertising reduced rates to entice homebuyers, don't let the "value" of the sale entice you into buying more than you can afford. First, determine an appropriate home price range. A good way to figure this out is that monthly mortgage payments should be no more than 29 percent of gross income. While you may take into consideration that your income may increase over the years, just be sure not to over-extend yourself -- which would make you "house poor." With all the new homes on the market, you'll be sure to find one that meets your wants and your wallet.

Choose a Mortgage that Works Now... and in the Future

When choosing a mortgage, you have two basic options -- a fixed or an adjustable rate mortgage (ARM). With interest rates at all-time lows, fixed mortgages are a good, safe option since they ensure the same rate for the life of the loan. While flexible ARM loans may seem enticing with their lower initial rates and monthly payments -- beware! As interest rates increase, so will your payments -- and could eventually make your monthly payments unaffordable.

Invest in Your Investment

Once you've found your dream home at a dream price, continue to build on your investment by including eco-friendly options. If buying a new home, check to see that the homebuilder follows the R-2000 Standard, a voluntary benchmark for homebuilding in Canada that incorporates cost-effective, energy-efficient building practices and technologies. Some of these practices may include water-saving faucets and showerheads, energy-saving appliances, high-efficiency heating and cooling, high R-rated insulation and windows. While being green with the implementation of these eco-friendly products -- you'll also be sure to save some green during the life of your home on energy and water bills!

As of 2009, all Moen bathroom faucets now feature a 32 percent water savings over the industry standard. For more information on water-saving faucets and showerheads from Moen, visit [ www.moen.ca ].

About Moen Canada

Moen Canada offers a diverse selection of thoughtfully designed, on-trend kitchen faucets, bathroom faucets and showerheads for residential and commercial applications. As the #1 faucet brand in Canada, customers have come to rely on Moen to deliver dependable products and service. Moen is part of Fortune Brands, Inc. (NYSE: [ FO ]) ([ www.fortunebrands.com ]), a leading consumer brands company.