How Much Can I Buy?
We can help answer that question with our on line mortgage calculator. It's easy. Just input your annual family income and see approximately how much you are qualified to borrow for a home mortgage. If you want to know what the mortgage payments would be, contact us. We'll go over the various types of financing available. We can often save our buyers substantial money since we work with several lenders in the area and can recommend lenders with proven track records of getting the loan done timely.
When it comes to home mortgage loans, one size does not fit all. There are dozens of types of loans from which to select. There was a time when folks saved for many years to make a down payment on a real estate loan to buy a lot on which to build a home, or to buy a resale home. With the introduction of mortgage insurance, lenders are willing to take more risk and accept lower down payments in exchange for higher interest rates or payment by the buyer of mortgage insurance which protects the lender in case of default.
We have sold real estate in all prices and helped hundreds of home buyers in Virginia through the mortgage process. We'll use that experience to help you. Remember, you are our client. We will refer you only to established lenders with good rates who will get the loan approved in time for the scheduled settlement and not charge a lot of "junk fees". That's our job.
Beware of advertisments for "No Down Payment Loans" or "No Closing Cost Loans". If a loan sounds to good to be true, it probably is.
Many lenders advertise loans without disclosing the full terms and conditions of the loan. Lenders will make loans to home buyers without the requirement of a down payment. Lenders will also help you buy a home with "no closing costs to you". However, be careful, all of these loans have a much higher interest rate than you would get if you had at least a 5% down payment. Lenders will finance all of your closing costs in exchange for a substantial higher than usual interest rate. Ask us, we'll help you get the best loan for your home purchase.
