Young adult homebuyers need the truth and nothing but the truth. First-time homebuyers in Virginia Beahc, Norfolk, and Chesapeake, don’t mind if you explain every aspect of the process (like this simple breakdown of how a mortgage works). In fact, they prefer it. And don’t be surprised when they come with a list of questions they researched online. Believe Read more about Millennials Want Transparency in the Homebuying Process[…]
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[…]
Front-End Ratio: Compares housing expenses to gross monthly income. Housing expenses include principle, interest, taxes and insurance. A good rule of thumb: the ratio should be 28%* or below. Housing expenses may include homeowners association fees, development taxes, homeowners insurance, flood insurance and mortgage insurance. Does not include: electric bill, cable or wifi. For example: homebuyers in Virginia Beach, Norfolk and Chesapeake, should consider housing expenses when Read more about Complicated Terms, Simple Definitions: Front and Back-End Ratios[…]
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[…]