Buying a house is a very challenging process. Here, you will find blog posts written by me, Marlon A. Thomas Jr, a real estate agent in Williamsburg, Virginia. You will also find articles written by real estate bloggers from various websites. This is otherwise known as feeds. Henceforth, as a homebuyer, you will get a broad spectrum of helpful insights and tips from industry experts. If you’re puzzled about something, don’t hesitate to contact me with a question. Lastly, just like the old saying goes, knowledge is power!
Suppose you’re a first-time buyer in Virginia. In that case, you should definitely check out this article I wrote about first-time homebuyer programs in VA. I’m sure you will greatly appreciate the resources and advice given. Furthermore, knowing about the different mortgage types is also vital to learn before buying s house. After all, you can never be too prepared to buy a home. If that were the case, it would be a lot easier than it really is. To sum up, this page is meant to serve as a hub of info for homebuyers.
You can expect multiple articles to get posted throughout the week. If you want to stay up to date with the latest news and advice, you can subscribe. That way you won’t even have to think about it! As a real estate agent, it is my job to make sure your home purchase goes as smoothly as possible. In short, that can’t be done successfully without valuable information.
Getting pre-qualified and pre-approved are the very first steps of the home buying process. Without this step, you can’t get a mortgage, meaning can’t buy a home. Unless you’re a cash buyer. Nonetheless, most people will have to go through this process before home shopping. If you’re unsure of how much you’re likely to afford, try using a mortgage prequalification calculator first.
Here’s a homebuyer tip from Bank of America: “Expect surprises! Lenders look at every detail of your finances when granting preapproval. You might be asked about a car loan payment you made with a credit card, for example. Be prepared to answer lender questions as soon as they come up.”
A mortgage is a loan secured by the collateral of real estate. Mortgages typically have 15 to 30-year terms and can have a fixed or adjustable interest rate. The borrower is bound to make monthly payments to the principal, which is your outstanding balance. In the case that you stop making payments, the lender can take possession of the property. Otherwise known as the process of foreclosure.
All in all, the lender holds the most stake in your home. Therefore, by making monthly payments, you’re always increasing the amount of ownership in the property. Lastly, here’s a fun fact for you: The origin of the word “mortgage” is Latin and then came from Old French, which initially meant a death pledge.
As you continue your home search, I’m sure you’ve wondered if it’s better to buy new construction or a resale home. You might love the idea of owning a home with the latest safety standards and modern technology. Or you might like the idea of buying an older home because of its charm. But of course, both will come with their fair share of pros and cons. Here are a few reasons you may prefer to buy a newly built home over an existing one.
Knowing what mortgage type is best for you can be somewhat of a doozy. For this reason, it should in your best interest to find a reputable mortgage lender. This will allow you to be consulted by an expert while finding out what home loan is best.
Before continuing, I must make a disclaimer. My intent with this article is to briefly describe each type of loan while giving my opinions. I am a Realtor, and I do not proclaim myself to be a mortgage expert whatsoever.
Finding affordable housing as a first-time homebuyer in Virginia can be a significant challenge. Especially as home prices continue rising. Well, thanks to down payment and closing cost grants offered by the Virginia Housing Development Authority (VHDA), affording a house doesn’t have to be so hard after all.
In fact, these grants don’t have to be repaid whatsoever, and all of the VHDA’s mortgages have 30-year terms with a fixed interest rate.