This is an unusual time to be shopping for a home, but we are seeing record low mortgage rates, so it can also be an advantageous one. If you are going to purchase a home during COVID-19, it is important to weigh all the financial considerations involved with respect to current and possible … [Read more...]
Mortgage Insurance Premiums (MIP) vs. Private Mortgage Insurance (PMI)
Depending on the type of mortgage you are applying for, how large a down payment you are making, and your credit score and DTI ratio, you may be required to purchase insurance along with your monthly payments on your home loan. Usually, this type of insurance is referred to as "private mortgage … [Read more...]
How Do You Verify Your Assets When Applying for a Mortgage?
When it comes to evaluating your qualifications for a home loan, a variety of factors will be assessed. These include your credit score, DTI ratio, employment status, and your assets. The more assets you have, the less risky you are to lend to. Proving your assets can be particularly important if … [Read more...]
Virginia Conventional Loan Limits Higher in 2020
If you are in the market for a home in Blacksburg or elsewhere in Virginia, a conventional mortgage is a great way to save money on your down payment and get a loan term and mortgage rate which suit your needs. If you buy a home in 2020, you will discover that it is easier to qualify for … [Read more...]
How Do You Know Whether a Refinance Is Worth It?
If you are thinking about refinancing your home in Virginia, now is a pretty good time to do it. Mortgage rates have climbed a little bit since the linked post but remain low compared to last year. You probably know, however, that refinancing carries a cost. You may wonder whether it is worth … [Read more...]
With Fixed Mortgage Rates Dropping, Now is the Time to Refinance Your Virginia Home Loan
Have an adjustable rate mortgage (ARM) and been thinking about refinancing to a fixed rate? You may want to consider taking action. If you have been following mortgage rates closely over the past couple months, you are probably aware that rates have been quite low. Now, according to the most recent … [Read more...]
Tips for Choosing a Mortgage Broker in Christiansburg
As part of the Blacksburg-Christiansburg-Radford Metro Area, Christiansburg features lovely, affordable homes, profitable employment opportunities, and access to nearby Virginia Tech. If you are looking to buy a home in the beautiful town of Christiansburg, VA, you are going to need to start by … [Read more...]
Quick Tips for First Time Homebuyers
Trying to navigate the world of home loans as a first time homebuyer can seem complicated. To try and make it simpler for you and to make the process a bit smoother, we've put together a quick selection of tips for buying your first home and choosing the right home loan. • While you should … [Read more...]
Could an FHA Mortgage Be Right for You?
When you're shopping for a home, you need to figure out what type of mortgage will be most suitable for your needs. One type of home loan you might be considering is an FHA loan insured by the Federal Housing Administration (FHA). This type of mortgage has many benefits which make it an … [Read more...]
Want to Qualify for an FHA Loan? Here’s What You Need to Do
We get many customers at First Residential Mortgage who want to apply for an FHA loan. This type of mortgage is relatively easy to qualify for; it was designed to be so. But what do you need to do in order to be found eligible? Here is a quick rundown to help you prepare to apply. 1. Make sure … [Read more...]
