Northern Virginia real estate home financing

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remax
Tom Vesolich
RE/MAX Allegiance
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owned"

Licensed in Virginia
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Maryland

If you would buy a home that you are planning on living in for five years, and finance it with a 30 year loan...then you need to read these pages.

Is it better to pay higher interest rates or a greater number of discount points?

Why?

Northern Virginia
Real Estate Home

Northern Virginia Real Estate Home Financing

When you are buying a home, here in northern Virginia or elsewhere, there are two really key financial issues that you have to address...how much money you have to work with in making the home purchase (downpayment and closing costs) and how much will it cost to stay in it (the monthly payment). Those are the obvious ones but then there are a host of others that most people don't consider. Most people don't have a plan or strategy to guide them through the process of making this very large purchase, for most of us, the largest we will ever make. To maximize the use of your dollars, how you finance the purchase is of paramount importance. For example, most of us do not plan on living in home for 30 years. Yet so many people opt for a 30 year fixed rate loan -- one of the higher interest rate loans you can get. The more you know about this process, the better decision you will make for yourself on the purchase of a home. The knowledge is priceless.

Spend some time on this page. There is much to be learned about financing, whether you have owned a home before or not. There is information here to: northern Virginia real estate finance graphic.gif (5900 bytes)
        help you understand how much of a loan you can qualify for
        help you compute a monthly mortgage payment
        understand different loan options
        know what the current interest rates are
        ........and more...

If you would like to get more specific on what a particular home in northern Virginia might cost you on a monthly basis and need some help in determining this, please let me know. There is so much more to understand about this aspect of buying a home. After you have gone through this information, let's talk more about it.

Getting started in the process
Interest Rates current interest rates on various types of loans. Keep in mind that rates change daily.
Conventional Loans Jumbo Loans FHA/VA

Types of Loans there are many more than you might think and reasons for choosing one or another
Downpayment how much do you need?
Points what are they?
Closing Costs more money out of your pocket
Shopping For A Loan

Check your credit
To really stay on top of the financing process you may want to check your own credit before you even start. There is a charge for it, but you can get more info about credit reports at:
Equifax
Trans Union
Experian
(This is not an endorsement of these credit reporting sites)

Find out more about what you are able to do
Calculate Payments determine your monthly principal and interest payments
Loan Qualification how much house can you buy?

Government programs
FHA Loans low downpayment, government insured loan program
VA Loans a great loan program ......for more information check the VA's home page here