This morning email inquiry is from a past client who purchased a townhome in Lake Ridge Virginia in 2008. She had two very important questions.
- Has the value of her townhome gone up any?
- Since interest rates are lower now, is it possible for her to refinance to a lower rate?
The answer is Yes and Yes!
I love when a good plan comes together! You see I assisted this young lady buy her first home back in July of 2008. The home was purchased for $159,900 and it had an unfinished basement at the time. Currently there are several under contract and that have just sold for $180,000 and above. Those in good condition and remodeled ( like my clients) with three finished levels are nearing the $200,000 price range!
So I sent her a Market Snapshot. This is a detailed report of the current market value of her home with photo's and data showing her what the list price was, what the home ultimately sold for and how much closing costs did the seller pay. This report also let's her know, how her home compares to those that have sold most recently.
Realtors call this a CMA ( Comparative Market Anaylsis)
I also sent here information on how she can take advantage of the lower rates using a programed specifically designed for those homeowners who have an FHA Loan. It is called an FHA Streamline Refinance. This is a program that simply lowers your interest rate. Click on the following line to learn more about the requirements needed to do a FHA Streamline Refiance Program.
My recommendation is to call Markita Aldridge-Woods at Westar Mortgage. She is a local loan officer who can coach you on all of your options with regard to a refinance.
Have a question about the value of your home ?
Call 703-851-3085 or contact me by email if you need assistance.
Contact Peggy James or Erick Blackwelder of Erick and Company of Exit 1st Choice Realty, Woodbridge VA. Realtors®, call 703-851-3085 (Peggy) or 703-590-2252 (Office).If you are a homeowner who has a home to sell, we have buyers ready and waiting for nice homes to come on the market. Give us a call and we can "GET YOUR HOME SOLD FAST" to list your property for sale we service Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas, Manassas Park, Haymarket,Montclair, Dumfries, Occoquan, Dale City, Gainesville, Aquia Harbor, Garrisonville and Triangle area's .
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