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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 129 blog entries about Buying.

The TRUTH can be a scary thing!!!! Your friends and family are indeed IN DANGER of bad advice, in dealing with an agent who is ONLY trying to get them to the closing table.   Tell them to INTERVIEW multiple agents, whether buying or selling, and to NOT just go with "the first agent someone told me about" or otherwise "saw on the internet"...   The agent you choose MATTERS... ESPECIALLY in regards to the LARGEST financial transaction a person (or family) will make in their lifetime.   Got questions? Ask away! We're always available whether by text or call (757.335.6111), email (team@perfecthouse.com) or messaging on our social media platforms... AND GUESS WHAT? You'll speak to a REAL LIVE…
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Save your friends the hassle and nightmares from the aftermath of working with "whatever agent" they found on Google!   Tell them BEFOREHAND that the real estate agent you choose MATTERS... Because it absolutely DOES.   Buying or selling home is often the LARGEST financial transaction that you will deal with in your lifetime. THAT IS A HUGE PART OF YOUR LIFE, financially and emotionally. Don't settle for the first name you see on Google, the jingle on the radio, or the business card you pulled at the Chinese restaurant on your way out with your weekly crab rangoon order (we're not judging!)... We won't knock on those big marketing budgets, but we do want people to know that the biggest names don't always get there because they…
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One of the biggest names out there can tell you some tall tales... and they have a MASSIVE marketing budget that means they seem like a really trustworthy place to get information.

And because Zillow lies, we make sure our clients know to make sure information is VERIFIED through the proper channels.

Take Donna Laurens' clients, recently. Living in a particular school district was a really important wicket for them to check off on buying their Perfect House. The home they were convinced was the perfect one for them had their specified school district listed as the one for that home in particular. Awesome, right? Except we (as agents) know that Zillow LIES. They may not "mean to" but they do! The information available on such a massive database is

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  • 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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