Financing

Relocation

Financing a home can be one of the most complicated and frustrating parts of a home purchase. There are points, APR, fixed-rate loans, adjustable loans, balloon loans, reverse loans, fees, adjustments and combinations we didn't even know existed. For loan approval one must show income, outflow, down payment, job, shoe size—well, you get the idea.

That brings us to your "credit score".  This is the magic number that the finance companies use to determine if they are willing to loan you the money for your new home.  It will also effect your loan rate.  I found that this link gives a good explanation of  the terms and types of things that will change your score for better or worse.  You can also check your credit score For A Fee.  Click here for myFICO.

Not sure how much home you can afford?  Would you like to know what your house payments will be?  These are just a few of the calculators available to you.  Check out these great calculators.

We recommend buyers have a pre-approved loan in place  before looking at homes. This is especially important in today's market.  Remember, once you have a ratified contract on a home, you have effectively taken that seller's home off the market.  Sellers want to have some level of confidence that the closing transaction will be completed.

If they choose, sellers may eliminate all offers that don't come with a pre-approved loan. Do yourself a favor, get pre-approved. And we don't mean pre-qualified.

For assistance, call your personal lending institution or Towne Bank to take the mystery out of financing your home or property.  Towne Bank is affiliated with William E. Wood & Assoc.

JoAnn & Dennis Olson, Realtors ®
William E. Wood & Assoc.
Smithfield, VA 23430
Licensed in the Commonwealth of Virginia
(See Contact page for additional information)

All home and property photographs on this web site are the sole property of Dennis & JoAnn Olson.  Any commercial use of these photographs without written permission is strictly forbidden.

Copyright © 1999-2008 by Dennis Olson
Site design by Dennis & JoAnn Olson
Last modified: August 22, 2008