Mortgage News and Rate Updates

Mortgage Updates

What is it really worth

By Mary Mack / September 15, 2017
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Whether it is art, that classic car or real estate, the answer is always “whatever someone is willing to pay for it.” With more demand than supply in the housing market, prices have risen and will likely continue to rise for the remainder the year. 

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Inspection for your home

Here’s What You Should Expect from a Home Inspection vs. an Appraisal

By Austin White / August 11, 2017
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When you’re shopping for a home, don’t be surprised when your Realtor and Loan Officer tell you that you’ll need to pay for an appraisal. Not to be confused with a professional home inspection, an appraisal determines the value of…

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Brick-house-with-window-view

Five Questions To Ask a Loan Officer when Buying a Home

By Austin White / October 14, 2016
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Potential Homeowners looking to finance a home purchase will want to be sure to ask the following questions.

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House at the end of the pier

How to Know If You Should Refinance Your Mortgage Or Not

By Austin White / October 7, 2016
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Here are some questions to help you make a decision about when to refinance.

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Classic piggy bank shaped like a pig

Virginia Offers Savings Plan For First Time Buyers

By Austin White / August 19, 2014
Posted in

Real estate professionals, including realtors and brokers have noticed a continuous drop in the number of young homebuyers and other first-timers. Generally, Millennials on the house hunt find it hard to come up with sizable down payments, especially when they are still struggling with huge debt accumulated from student loans. 

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Buying a Home

What You Need Before Buying A Home

By Austin White / August 7, 2014
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Buying a home is one of the most monumental feats to take on as an adult. It’s no easy task—it takes a lot of planning and preparation to make sure you are in the best position financially to take on the challenge. The best thing you can do for yourself and your family is to go over what not to do before you apply for a loan and try to create some solutions in advance. 

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Rural Housing

USDA Rural Housing Mortgage FAQs

By Austin White / July 29, 2014
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If you are a first-time buyer worrying you might not be accepted or qualify for a loan of this variety, know the USDA Rural Housing program can be utilized by first-timers and recurring buyers alike. There is also no maximum loan size with USDA. With a proven ability to save and make timely payments, your amount will only be limited by your own financial actions, past and present.

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Sliding levers on a sound mixing board

Adjustable Mortgage Rates – Pros and Cons

By Austin White / April 24, 2014
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With home loan interest rates at an historic low, many people are rethinking the adjustable rate mortgage. This type of mortgage rate, which is commonly abbreviated as ARM, comes in a few different flavors. Unlike fixed mortgage rates, they fluctuate over time. The majority of homeowners – roughly seven out of ten, according to Bankrate.com – prefer fixed rates for this reason. Although they have traditionally gotten a lot of bad press, ARMs might be worth a second look. At the very least, it is good to familiarize yourself with the pros and cons of the adjustable rate mortgage.

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Sunset over a ranch house

Fixed Rate Mortgages-15 year versus 30 year Loans

By Austin White / April 17, 2014
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If you plan on using a fixed rate mortgage, you will have two main options: a 15-year loan or a 30-year loan. Although there are other terms available, the vast majority of lenders offer these two loan options.
So what makes one better than the other? The main difference between a 15-year loan and a 30-year loan is rather obvious. With a 15-year mortgage, you will pay higher monthly payments but less interest overall. By contrast, 30-year loans feature lower payments but more interest. In the long run, you will end up paying more for your home if you opt for a 30-year loan.
Although the differences seem relatively simple, there are other considerations that might make your decision more complicated. Buyers should take a hard look at their finances, budget, retirement plans, and long-term goals. It is also important to run the numbers to determine exactly how much you will pay versus how much you will save.

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Equity scrabble tiles

Home Equity: How to Improve It

By Austin White / April 10, 2014
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If you are like most home owners, you can’t afford to increase the equity in your home by making double mortgage payments each month. Fortunately, there are other ways to improve your home’s value without breaking the bank.

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