Virginia Mortgage Loans

  Buyers in today’s market often have questions about the importance of getting a home appraisal and an inspection. That’s because high buyer demand and  low housing supply   are driving intense competition and leading some buyers to consider waiving those contingencies to stand out in the crowded market. But is that the best move? Buying a home is one of the most  important  transactions in your lifetime, and  it’s critical to keep your best interests in mind.  Here’s a breakdown of what to expect from the appraisal and the inspection, and why each one can potentially save you a lot of time, money, and headaches down the road. Home Appraisal The home  appraisal  is a critical step for securing a mortgage on your home. As  Home Light  explains: “. . . lenders typically require an appraisal to ensure that your loan-to-value ratio falls within their underwriting guidelines. Mortgages are secured loans where the lender uses your home as collateral in case you default on the agreed-upon pa

  Sellers have a great opportunity this season as buyer demand still heavily outweighs the current supply of homes for sale. According to the   National Association of Realtors   (NAR), today’s housing inventory sits at only a 2.6-month supply. To put that into perspective, a neutral market typically features a 6-month supply.  That places today’s market firmly in the  sellers’ market  category . That same NAR data also shows today’s inventory of single-family homes is trailing behind the level we saw last year  (see graph below) : Because of the ongoing supply challenges, buyers can feel like they’re wandering across a vast, empty desert when searching for their next home.  That means your house could provide an oasis for  buyers  thirsty for options  – and it could increase the chances of buyers entering a bidding war for your home. The latest  Realtors Confidence Index Survey  from NAR shows houses are  receiving an average of 3.8 offers . A multiple-offer scenario lets you select t

  A recent survey from   LendingTree.com   found there are multiple reasons why Americans would choose to purchase a home instead of   renting . Some of the most popular   non-financial   reasons given include: The flexibility to make the space your own The pride homeownership offers The sense of stability In the same survey, 41% of respondents say they’d rather own a home than rent because of the unique way  homeownership  builds wealth  over time. And experts agree – the home you own is an important tool for building your net worth.  Here’s what many of those experts have to say about building long-term financial stability through homeownership. According to the  National Association of Realtors  (NAR): “Homeowners who purchased a typical single-family existing-home 30 years ago at the median sales price of $103,333 with a 10% down payment loan and who sold the property at the median sales price of $357,700 in 2021 Q2  accumulated housing wealth of $349,258 , . . . ” Mark Fleming, Ch

Even in a hot   sellers’ market   like today’s in which homes are selling so quickly, it’s still important to make a good first impression on potential buyers. Taking the time upfront to prep your house appropriately can bring in the greatest return on your investment. Here are four simple tips to make sure you maximize the sale of your house this  fall . 1. Price It Right One of the first things buyers will notice is the price of your house. That’s why it’s important to  price it right . Your goal in pricing your house is to draw attention from competing buyers and let bidding wars push the final sales price up. Pricing your house too high to begin with could put you at a disadvantage by discouraging buyers from making an offer. Your trusted real estate advisor can help you find the price for your home that reflects the current  market value . Lean on your agent to help you with this crucial first step. 2. Keep It Clean It may sound simple, but keeping your house clean is key to makin