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Buying

Read our tips and tricks for buying a home in and around Hampton Roads, Virginia. We’ll give you the info you need to buy the perfect house.

Found 126 blog entries about Buying.

  • By Steve Rockefeller 

The most recent National Association of Realtors profile shows that 40 percent of repeat buyers and 66 percent of first-time homebuyers are putting less than 10 percent down. Understanding all of your low-down-payment mortgage options may aid you in obtaining a mortgage while helping to save money.

Different types of mortgages can be tailored to purchase a home. If you’re looking to use a conventional loan and you made a down payment of less than 20 percent of the home’s value, you’re probably going to need mortgage insurance, commonly known as PMI. If using, for example, a government FHA loan, you’re going to need mortgage insurance, known as MIP. Confusing I know.

With the lowest of

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"It's a tug of war, we expected more"... Tug of War, Paul McCartney
  Home loan rates bounced around this week, due to volatility in the U.S. Bond market, but went into the weekend still near three-month lows.

There are push/pull items that continue to limit how low and high rates can go. Here is what home shoppers should know:

Factors currently limiting how low rates can go:
 
  1. Tight U.S. labor market.
  2. Rising wages, fastest pace in a decade.
  3. Soaring business and consumer confidence.
  4. Solid economic growth.
  5. Tough technical barriers.
Factors currently limiting how high rates can go:
  1. Slowing economic conditions around the globe.
  2. Low global bond yields – German 10-year Bund yield is 0.28% and the U.S. 10-year Note yield is
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We always love when great information lands in our inbox, that we can in turn share with our community here on the blog. Thank you so much to Patrick Steele, one of our trusted "mortgage dudes" for sending this one our way! :)

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Mortgage rates technically hit their lowest levels in exactly 2 months yesterday.  Today merely takes them deeper into that territory.  The size of the improvement is less impressive and less meaningful compared to that "lowest in more than 2 months" talking point.   That said, taken in conjunction with the last 4 business days, the average lender is roughly an eighth of a percentage point lower.  That comes out to $7/mo for every $100k financed (or $21/mo on a $300k loan).

On a somewhat frustrating note,

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We love it when our mortgage guys send us great info. Check out the latest info from Patrick Steele!

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Mortgage rates held on to their recent improvements today after the important Employment Situation (the big "jobs report") showed November job creation was lower than expected.  In general, weaker job creation is good for interest rates because it speaks to slower economic growth and inflation (both of which are enemies of rates).  This report was particularly important because a strong result would have cast doubt on several speeches from members of the Federal Reserve.  Those speeches have warned about slower economic growth in 2019 and the potential for fewer rate hikes than previously anticipated.  

There were no clear

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It is highly likely that the home you currently own (or will buy some day) won't be your forever-home. Families change, from size to dynamics, jobs change from pay to location. Needs change from large yards to extra bedrooms. Thus it is a wise thing to consider... What is important to the NEXT person who buys that home (from you!) may be different from what was important to you (and your family). 

Are you buying a FOREVER home... or a FOR NOW home? Most of us buy a FOR NOW home... which means you DEFINITELY need to put on a seller's cap at some point- why not try it on, now?

Here's a few just to get the thought process started:

1.) You: Schools really aren't that important to us (we don't have kids/aren't planning on having kids/ we plan on home

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Mortgage Matters: Is an approval an approval?

  • By Steve Rockefeller 

Historically low mortgage interest rates have continued to spur home sales in Hampton Roads. If you’ve been thinking about buying a new house, or perhaps your first house, this may be the time to commit and jump into the marketplace. The key, however, is gaining loan approval.

Just when you thought the “F” word was a four letter word, when applying for a mortgage loan it is a five-letter word spelling “FRAUD.” Because of the sins of the housing industry’s past, along with what appears to be a constant mountain of foreclosures, every lender in the nation at every level of their company is charged today with preventing mortgage fraud. If you

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A few quick notes:

  • Interest rates are projected to increase steadily heading into 2019.
  • The higher your interest rate, the more money you end up paying for your home and the higher your monthly payment will be.
  • Rates are still low right now. Don’t wait until rates hit 5% to start searching for your dream home!

Got questions on that? Be sure to reach out to one of our premier lenders, Patrick Steele of Tidewater Mortgage, or Steve Rockefeller of George Mason Mortgage. Both are incredibly knowledgeable on everything you could want to know about the mortgage process and are willing to help out with any questions you may have.

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Thank you to KCM for a great writeup!

Got questions? We've got answers! Hit us up in the comments

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All Cash Offers are on the rise nationwide according to a recent Washington Post Article.     As All Cash offers become more common here in Hampton Roads you may be wondering, Is a Cash Offer Better for a Seller in Today's Market Conditions? We will address this from both Buyer and Seller positions. Today lets take a look at the buyer's side of the transaction.   Cash Buyer Considerations:   Pro: A faster closing and move in may be possible since underwriting a loan is not needed.  Pro: Under the right conditions a cash offer may motivate a seller to accept less for a home.  Pro: Paying cash may broaden the choices for available homes since mortgage condition guidelines will not be a factor.   Con: Be Sure your finds…
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We have over 100 years combined living experience in the Hampton Roads area. As such, we thought to poll our agents and see who stayed and went with Hurricane Florence coming in.... and what they did to prepare their homes. Turns out everyone actually stayed in the area, thus their preparation was for hunkering down to weather the storm (if it came this way)!

Here's what some of them had to say:

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We picked up the standard stuff, except I bought some junk food that I normally don’t get. 

  We bought extra gas, fired up the generator to make sure it was good to go, froze a dozen bottles of water to help use as ice to keep things cold if power goes out. I turned the refrigerators & freezers to the coldest settings. 

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Monday and

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So, you've been looking at houses online, hopefully working directly with a professional real estate agent... and otherwise staying off certain national sites that like to take your information, sell it to whatever random agent has bought that particular zipcode and got your business only by spamming your email, phone and text.

But... we digress.

So you've been looking at houses online, and decided that there's ONE IN PARTICULAR THAT WOULD BE PERFECT. 

The pictures!

The price!

The layout (from what you can tell)!

The colors look fantastic...

The yard looks well kept...

The appliances are new or at least recent...

EVERYTHING IS PERFECT.

Right?

So, you arrive there and it hit's you:

Something. Anything. Everything... is a

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