TOM VESOLICH
RE/MAX Allegiance
5641 Burke Centre Pkwy
Burke, VA 22015
"each office
independently owned"

 

 

 

 

 

 

 

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 do you have to work with in making the home purchase -- downpayment and closing costs -- and how much it will cost to stay in it -- the monthly payment. Those are the obvious ones but then there are a host of others that many 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 it is the largest we will ever make. To maximize the use of your dollars, how you finance the purchase is of paramount importance. 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.

Getting Started in the Process

• Talk to a lender -- a five to ten minute conversation with a lender will give you a good idea as to how much of a home you can buy. This is your first step. Don't go looking at homes until you know how much you can qualify for. When it comes time to select the loan, it is not a bad idea to talk to several lenders.
• Credit Report -- it's not a bad idea to check your credit report. There are several places you can do this. Here are three of them: Equifax  Trans Union  Experian  (there could be a cost and this is not an endorsement of these companies)
• Interest Rates -- The current rates will affect how much of a loan you can get.  Do a quick check here: Conventional Loans  Jumbo Loans  FHA/VA
• Downpayment
• Closing Costs

 

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

Your loan is so important in the home buying process. Talk to me before you make any decisions about the kind of loan you are going to get.