Buying a Home - Securing Financing in Northern Virginia

This Northern Virginia home buying video covers the steps taken to secure mortgage financing and the difference between pre-qual and pre-approval. It even explains PITI. When you are looking to buy a home in Northern Virginia, you need to work with a great Mortgage Lender.



Six steps to financing a home:
1. Choose a loan officer (or mortgage specialist).
2. Make a loan application and get preapproved.
3. Determine what you want to pay and select a loan option.
4. Submit to the lender an accepted purchase offer contract.
5. Get an appraisal and title commitment.
6. Obtain funding at closing.


Know your mortgage options.
Three basic factors:
1. Down payment
2. Interest rate
3. Term


Understanding your monthly payment:
Principal
Interest
Taxes
Insurance
Together, these four elements are commonly referred to as PITI.

Prequalification vs. preapproval
Prequalification is simply a rough estimate of how much you can borrow.
Preapproval involves a formal application process and provides you with a formal commitment from a lender stating how much you can borrow and at what rate.



If you would like a free copy of the book Your First Home, You can set up a free – no-obligation Northern Virginia home buying consultation at our office with The Earl of Real Estate Team.

We have developed an award winning Buying Success System that has helped hundreds of home buyers over the past 10 years.