Buyer Tips Category

HOME FINANCING SOLUTION THAT REDEFINES FLEXIBILITY

Fairfax County Real Estate – Northern Virginia Homes for Sale   THE PREFERRED EQUITY LINE is our innovative mortgage solution that provides home-buyers an enticing alternative to traditional financing. Geared to clients who are looking for payment flexibility, it offers payment benefits and cash flow convenience not found with a 30-year fixed mortgage. PROVIDING A DECADE OF FINANCIAL FLEXIBILITY • Pay only interest during the initial 10-year term • Fix the rate on initial draw for 5, 7 or 10 years • Pay a variable rate over the final 20 years on the fully amortized...

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The Mortgage Rate Roller Coaster

Fairfax County Real Estate – Northern Virginia Homes for Sale MANY FACTORS AFFECT RATES Mortgage rates were influenced by a wide range of factors this week, resulting in a good deal of volatility. Violence in Iraq, comments from the Bank of England, divergent US Treasury auction results, and mixed US economic data all had an impact this week. Overall, the unfavorable news slightly outweighed the favorable, and mortgage rates ended the week a little higher. Improvement in the labor market is clearly good for the economy, but it is a negative factor...

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5 Crucial Tax Deductions Homeowners Should Know About

Fairfax County Real Estate – Northern Virginia Homes for Sale As the time to file income taxes approaches, those who purchased a home the previous year need to know how to use it to their advantage. There are many tax deductions that can be used from the purchase of real estate. Not all of them will apply to every homeowner. Let's discuss 5 of the most common. Home Mortgage Interest - The mortgage interest deduction has always been the most popular tax benefit of home buyers in the U.S.  New homeowners’...

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Could New Lender Regulations for 2014 Affect Your Qualifications? Part 2

As was mention in Part 1, The Dodd-Frank Act, going into affect January 10, 2014, is going to change the way lenders do business through the loan applicant's ability to repay (ATR) and the guidelines for qualified mortgages (QM) . There are two types of QM's, general and temporary. What are the definitions? A general QM is the most restrictive of the two. It has all the requirements of the universal QM, mentioned in Part 1, but has the added restriction of...

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Could New Lender Regulations for 2014 Affect Your Qualifications? Part 1

What is the Dodd-Frank Act? Congress has passed new legislation that will go into effect on January 10th 2014. What does that mean to home buyers? Basically, it means that lenders are now required to review each borrower's "Ability-to-Repay", or ATR, as part of the loan approval process. Lenders who fail to comply can and will be held accountable for damages incurred by borrowers unable to pay their mortgages. Who will this impact? Everyone will see stricter guidelines when applying for a loan. However,...

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