5 Tips for Buying an Investment Property in Virginia
Adding real estate to your investment portfolio can be a great asset… if done correctly. Buying a property to flip or rent out has different mortgage requirements than a primary residence. There are always hidden costs that need to be anticipated as well. If you are interested in taking on an investment property, here are five tips for making it a successful venture. 1. Determine the Right Property Type and Area Picking the right property is crucial to your success. If you are buying a rental home, you need to decide what type of renters you want to attract. Find out what areas th...
June 19th, 2019 | Purchasing a Home, 5 Tips for Buying an Investment Property in Virginia
How Do I Get Rid of Private Mortgage Insurance?
Private mortgage insurance (PMI) is required by lenders when borrowers contribute less than 20% of the home’s value as a down payment. This insurance protects the lender, not the homebuyer. If the loan borrower defaults on the mortgage for any reason, the insurance will reimburse the lender up to 20% of the original loan amount. Homebuyers pay for the PMI premiums, either up front in a lump sum each year or built in to their monthly mortgage payment. While PMI is helpful for allowing borrowers to become homeowners without saving up a full 20%, the premiums do add up over time. The good n...
June 12th, 2019 | Conventional Loans, How Do I Get Rid of Private Mortgage Insurance?
Benefits to Mortgage Debt
In order to buy a house, most Americans take on a mortgage loan. While debt is usually to be avoided if possible, when it comes to a mortgage there may actually be some financial benefits for borrowers. Liquidity If you dump all your extra funds into paying off your mortgage, you may be in a tight spot if you face a financial emergency. Family deaths, divorce and health traumas are just a few things that can quickly rack up enormous debts. If you do not have a sizable emergency save up and you have been sinking all disposable cash into your home, you may end up selling your home to pay f...
June 5th, 2019 | Debt, Credit, Mortgage, Benefits to Mortgage Debt
What is a Physician Loan?
Medical professionals often earn salaries far above the average American salary, and yet most come out of school with hefty student loans to repay. Such high debt loads would normally disqualify them from obtaining mortgage loans for several years. Thanks to Physician Loans, many new doctors, surgeons, dentists, veterinarians and even medical residents can buy a home without the wait. What is it? A Physician Loan is designed for medical professionals who are or will be earning very high salaries but still have huge amounts of student debt. Lenders would not generally be comfortable lendi...
May 29th, 2019 | Purchasing a Home, Doctors, What is a Physician Loan?
4 Loan Programs With Zero-Down Payment
Are there ways to get a mortgage loan without making a down payment? While the options are not as plentiful as they used to be, there are still at least four government-backed programs that allow borrowers to buy a home with no down payment. Over a decade ago, home prices were skyrocketing month-to-month, giving homebuyers “instant equity.” Mortgage lenders offered “zero-down” home loans to most of their customers, with confidence that those borrowers would soon own a significant stake in their homes. However, the housing market crashed, and home prices began plungin...
May 22nd, 2019 | Purchasing a Home, First-time Homebuyers, Government Loans, FHA Loans, VA Loans, USDA Loans, 4 Loan Programs With Zero-Down Payment
The Essential Pre-Home Search Step
You have been saving to buy a home for a while and you are curious to see what’s out there. A quick internet search turns up a few intriguing properties. You start dreaming of what your life would could be like in those homes. Before you run out and book a real estate agent to show you around, there is one essential step you should take: line up your mortgage funding. While that might seem premature when you’re just in the “looking” phase, getting pre-approved for a mortgage is the best way to start a search. Here’s why you should get pre-approved for a mortgag...
May 15th, 2019 | Purchasing a Home, Preapproval, Pre-qualification, The Essential Pre-Home Search Step