Looking into purchasing a home in Virginia that requires more financing than conforming mortgages provide? A jumbo loan can help you buy your dream home. Below, we go over a few things you should know about jumbo mortgages before you apply. 5 Things You Should Know About Jumbo … [Read more...]
What are the Benefits of Refinancing to Consolidate?
Are you paying off high interest debts? If so, you may feel like it is impossible to catch up. You are pouring so much money into the interest that it is taking forever to pay off the principals. You can give yourself a chance to pay off your debts more rapidly by consolidating them. One way you … [Read more...]
What are the Pros and Cons of a Cash-Out Refinance?
A cash-out refinance is an option you might consider if you want to borrow money and/or consolidate existing debts. This type of refinance can help you cover your expenses,so here’s a few details that can help you decide if a cash-out refi might suit your financial situation. Pros of a Cash-Out … [Read more...]
What Should You Look for When Choosing Homeowners Insurance?
During the process of applying for a mortgage and purchasing a home, you will need to shop for homeowners insurance. This is necessary before you can take out a mortgage, and is also important for protecting your investment. Rates as well as quality of policies can vary from one insurer to … [Read more...]
With Interest Rates Rising, Now is the Time to Buy a Home
If you are in the market for a home, you are no doubt aware that interest rates are rising. In fact, we can expect the Fed to raise them again in the near future. For that reason, this is a wise time to make a move on real estate. Below, we discuss the situation with interest rates in more detail … [Read more...]
Ways to Drop Mortgage Insurance
Depending on the type of home loan you have and the down payment you made, you might be paying for mortgage insurance as MIP or PMI. In either case, mortgage insurance is a significant ongoing expense that can eat into your finances. If you are able to stop paying for mortgage insurance, you can … [Read more...]
Budget for Home Maintenance When Buying a Home
There are a lot of costs involved in homeownership that you probably have thought of. You likely have factored in your down payment, expected monthly mortgage amount and interest, closing costs, and property taxes. But one thing you may not have thought about is how much you will be spending on home … [Read more...]
Credit Tips to Consider When Applying For a Mortgage
Are you applying for a home loan soon? If so, one of the most important things you can do is check and protect your credit score. Your credit score will be one of the key factors we assess. That means that if your score is high, you may qualify for more competitive rates and features for your … [Read more...]
Benefits of a Mortgage Pre-Approval Letter
One of the tools we offer home buyers here at First Residential Mortgage is a mortgage pre-approval letter. When you apply for mortgage pre-approval, we run your credit to generate an estimate of how much you qualify to borrow. We then print up a statement which you can show sellers as you … [Read more...]
Tips for Preventing Delays When Applying for a VA Mortgage
When applying for a VA mortgage, how do you make the process go as quickly and smoothly as possible? Below, we offer some suggestions that should help you to avoid unnecessary delays. Tips Before Applying for a VA Mortgage Be as accurate as possible. When you are applying for your VA mortgage, … [Read more...]
