Financing/Credit 
There are currently 6 blog entries related to this category.
The Upside and Downside of Alexandria Mortgage Life Insurance
Saturday, August 27th, 2011 at 9:15pm. 148 Views, 1 Comments.
Thanks to mortgage life insurance, losing a loved one, while heartbreaking, does not have include the additional financial disaster many mourners face.
With the scares of our earthquake and hurricane, many of us here in Alexandria and the Greater DC Area have had the specter of death, however fleeting, pass through our minds. This can be positive, if such thoughts lead to planning for our families.
It is a wonderful thing that the quake did such little injury. If there had been a serious death toll, how many dependents of homeowners would not only have lost a parent, but several months later lose their house too?
Most Alexandria home buyers want to make sure their loved ones get to keep their home. One option is mortgage life insurance. But is it…
Other Reasons to Refinance Your Alexandria Home
Friday, August 5th, 2011 at 2:46pm. 135 Views, 0 Comments.
Everyone wants to save money, and where your Alexandria mortgage is concerned the more savings the better. This is the primary reason most people refinance.
But, according to Houselogic.com, there are at least five other good reasons to refinance, each with its own special benefit. Some pay off more quickly than others, but all can be helpful in the right circumstances.
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Shorten Your Payment Years – By refinancing from a 30-year to a 15-year mortgage, you decrease your total interest amount because you’re paying the loan off sooner, although your monthly payments do increase. Shorter-term loans often have lower interest rates as well.
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Change Your Loan Type – An adjustable rate mortgage (ARM) looks great when you first get it…
Benefits of a Big Down Payment on Your Alexandria Home
Thursday, July 28th, 2011 at 10:41pm. 287 Views, 0 Comments.
For many, the dream of home ownership requires financing. Generally this means a mortgage and a required down payment of 20% of the home’s purchase price. In the end, your mortgage payment will be determined by how much you have saved for the down payment. While determining that amount can be tricky, patience in saving for a big down payment will prove to be beneficial.
Here are several reasons why you should save 20% or more for the down payment on your Alexandria home.
- Reasonable mortgage payments.
By saving more money for your down payment you will be able to have mortgage payments that are manageable. As an added bonus, later down the road you will notice how you saved thousands in interest. - A better interest rate.
That big down payment…
When and How to Apply for Your Alexandria Home Loan
Friday, July 8th, 2011 at 1:42pm. 185 Views, 0 Comments.
When buying a home in Alexandria, many buyers wonder which comes first - house hunting or loan shopping. Applying for a mortgage, no matter how it is presented, is a lengthy, detailed process. Some buyers prefer to postpone it until they find their house, but this isn’t always the best decision.
Here in the D.C. and Alexandria housing market, some buyers have found more bargaining power if they’ve been preapproved for a loan. Sellers in a hurry to close a deal may be less inclined to deal with someone who is at the beginning of the loan process. Their logic: “Why should I take your offer if you don't even know if you will be approved?” A seller's nightmare is taking the house off the market and losing other prospects only to find the buyer that…
Real Estate Deal Breakers to Avoid in Alexandria
Friday, July 1st, 2011 at 8:43pm. 209 Views, 0 Comments.
Purchasing a home is understandably stressful due to the monetary investment and the complicated, confusing buying process. As a buyer, you must fully understand the underlying value of your Alexandria dream home before you decide to purchase it.
Once you have found the home that meets your personal and financial ideals, it is important to persevere until the property closes. Here are some minor roadblocks to be aware of as you go through the process so you can end up living in the home you really want.
Property Condition
Don’t let the aesthetics of the home keep you from buying your perfect home. For example, appliances and decorative themes can easily be changed to reflect your taste.
Focus on the future potential of the home. For…
The Un-Magnificent Seven of Credit Scores
Thursday, May 26th, 2011 at 1:01pm. 232 Views, 1 Comments.
You know your credit score is important. The closer your score is to 800 the better your chances of securing a loan for that beautiful Alexandria home. A high score also means better rates and terms for the loan.
However, many people don’t realize that certain negative actions can bring down your credit score—and keep it there for seven years or more.
From an article on RealtyTimes, here are seven things that can wreck your credit score and your subsequent eligibility for financing.
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Frequent Late Payments (aka Deadbeat Behavior) – Consistently making payments 30, 60, or 90 days late should be avoided. Know that paying even 30 days late can stay on your report for many years.
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Collections – If you lender contacts a…