This section of my website will act as your guide to understanding residential real estate loans in Northern Virginia. To the right, you'll see links to instructional articles that will give you a thorough background of the home lending process. Without a road map from a Northern Virginia real estate agent and a local lender, the home loan process can seem more overwhelming than it really is, so I encourage you to reach out to me at 703-462-0700 so I can help point you in the right direction.
As in many other areas of life, the more information you're armed with about the home loan process, the more empowered you'll feel. Pace yourself as you move through this information. Think of this as a resource that you can return to again and again to learn more specifics at your leisure.
Many home buyers don't realize just how many financing options are available to them. Although different lending institutions offer similar residential real estate loans, there are variations, and I'll cover them here. It's also important to look at your home financing options through the eyes of the different parties involved in a real estate transaction. What will the bank require of you to give you the type of loan you want? How will the seller view the option you've selected? In a strong seller's market in Northern Virginia, for instance, buyers have a lot of competition when purchasing a home. The bank might have approved you on an FHA loan, which is great news if you don't have enough money for a 20% down payment, but a seller might have the option of going with other buyers who will put more money down. A seller might also not want to deal with the extra hassle involved with lender required repairs on an FHA loan. These are important strategic points to consider, and this section of my site will cover these kinds of specifics.
You'll also learn things like the difference between an adjustable rate mortgage and a fixed rate mortgage, creative financing options, such as seller financing, the facts on federally backed loan programs such as FHA and VA loans, specifics about the settlement process; information on different types of bank notes; how to qualify for a loan, what qualifies as a good debt-to-income ratio when qualifying for residential real estate loans, and much, much more.
Learn more about getting pre-approved for residential real estate loans.