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Mortgage 101 Blog Posts

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buy your dream house with the many mortgage options available

Big Savings with the VHDA Loan Combo

Virginia Housing Development Authority (VHDA) offers a variety of affordable home mortgages to Virginians who otherwise might not be able to afford quality housing.  Add available special features, such as the Down Payment Assistance Grant and Mortgage Credit Certificate with a VHDA Loan Combo and increase money-saving benefits. What does the VHDA Loan Combo consist… Read More

New Tax Laws of 2018

On Friday, December 22, 2017, President Trump signed the Tax Cuts and Jobs Act, designed to lower taxes and spur economic growth.  Most of these changes have already taken effect, starting on January 1, 2018.  Expecting to reduce taxes for individuals and businesses, this new tax reform bill will increase standard deduction, increase child credit… Read More

family of 4 looking to refinance their home

7 Reasons to Own a Home

For most, it is the American Dream to own a home.  It has always been an important milestone of adulthood.  But as a first-time home buyer, how do you know it is the right thing to do?  Besides the obvious benefits of owning a home, here are additional advantages of owning rather than renting. Tax Benefits… Read More

What is Mortgage Insurance and Can I Cancel it?

What is mortgage insurance? Mortgage insurance protects the lender in the event the borrower defaults on the loan. Defaults include failure to make payments because of death, medical bills and job loss. Mortgage insurance can be provided by a private mortgage insurance company (PMI) or by a government agency such as FHA or VA. How… Read More

CAUTION- The Dangers of Rate Shopping

Buying a home will probably be the largest purchase you ever make.  With that in mind, you want the lowest interest rate, right?  WRONG!  The lowest advertised interest rate may not be your best option.  Some lenders and mortgage brokers advertise low rates, but don’t inform you of all the additional points and fees that… Read More

2016 Tax Deductions for Homeowners

Purchased or refinanced a home in 2016? Find out the tax benefits available to you as a homeowner. For most people, the annual task of completing income taxes is about as exciting as a visit to the dentist’s office. BUT…homeownership typically means increased tax deductions, which are generally considered to be a good thing. Use… Read More

9 Ways to Avoid Mortgage Sabotage

Homebuyers are often not aware of how an innocent transaction such as making a credit card purchase or moving cash from one bank to another can jeopardize the mortgage pre-qualification process. Please be aware of the common areas that need special attention: Review your credit report: The best way to get a jump start on… Read More

Which mortgage is right for you?

As a home buyer, you may have more options than you realize to finance your investment. Figuring out which loan suits your needs requires research. Your Loan Officer will assess your situation and walk you through all of your choices. However, it never hurts to have a head start by knowing the basic categories of… Read More

Why it's Important to Pre-Qualify for a Loan

Growing up, most of us heard the words “be prepared”. Although it sounds ominous, this advice is applied to most aspects of life, including home buying. In order for the loan process to run smoothly, one of the smartest things to do is get pre-qualified for a mortgage. A pre-qualification is an estimate of how much you can borrow from a lender and it allows you to explore loan options specific to your financial situation. Pre-qualifying for a loan before you go home shopping helps you set a budget and strengthen your negotiating position when making an offer.
How to pre-qualify

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How Credit Scores Affect Mortgage Rates

Obtaining a low mortgage interest rate can help you save money on the price of your home. While many people try to compare lenders to secure the best possible rate, one of the main determinants of a mortgage rate is your credit score. Borrowers with higher scores are more likely to receive a lower rate than those with lower credit scores. Most lenders view a potential home buyer with a high credit score as more dependable and less likely to default on mortgage payments.

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