I know the mortgage process is confusing, especially for first-time homebuyers. So I think it’s helpful to clearly explain the mortgage process in Virginia Beach, Norfolk, and Chesapeake. Step 1: Pre-Approval/Application — Before you can obtain a home loan, you must be approved for one. Pre-approval is often the first meeting with a lender. Before you go, Read more about The Simplest Explanation of the Mortgage Process[…]
CNN Money reported this week that some homeowners are becoming landlords. Why? Many homebuyers in Virginia Beach, Norfolk and Chesapeake, have a low interest rate on their mortgage, which makes it attractive to keep the property (as rental/investment) for additional income. Depending on the loan program and investor requirements, both housing payments (investment and proposed primary Read more about Using Rental Properties Income to Qualify for a Mortgage[…]
Did you know all lenders require borrowers to obtain hazard insurance on the property? The coverage amount is based on the value of the property and the costs to rebuild the property (in case of total loss). Many first-time homebuyers in Virginia Beach, Norfolk and Chesapeake ask me about the difference between hazard and homeowner’s Read more about Hazard and Homeowners Insurance[…]
I read an interesting study that half of Millennial homebuyers plan to ask their parents to help with the down payment. Whether you are 20-something or a bit older, many first-time homebuyers in Virginia Beach, Norfolk, and Chesapeake, might not know the various down payment requirements. Here’s the breakdown: VA Loan (Veterans Administration) — available to military personnel and veterans. Only Read more about The Fine Details on Down Payments[…]
You may know a home loan requires a down payment and that the amount depends on the loan program you choose. You may not know all down payments must be properly sourced. What does that mean? – If the money is a gift, you need a letter from the person stating as such and that you don’t Read more about 4 Rules You Must Understand About Down Payments[…]