Category: Financing

If you’ve owned your home for several years, there’s a good chance you’ve built up a meaningful amount of home equity along the way. Home equity is the difference between your home’s current market value and the amount you still owe on your mortgage. For many homeowners, that equity represents one of their largest financial assets. And depending on your goals, there may be ways to put it to work without selling your home. Wondering how to use home equity wisely? Here are three options worth considering. 1. Invest in Home Improvements One of the most common ways to use...

Do not let outdated information keep you from becoming a homeowner. Buying a home is one of the biggest financial decisions most people will make. Unfortunately, many prospective buyers enter the process relying on advice they have heard from friends, family members, or social media that may be incomplete or outdated. As a mortgage professional, I often speak with buyers who assume they need more savings, better credit, or the perfect interest rate before they can even consider purchasing a home. In many cases, they are surprised to discover that they may have more options than they realized. Here are...

When you’re shopping for a mortgage, your lender may ask whether you’d like to “buy discount points.” It’s a common option, but many homebuyers aren’t exactly sure what it means — or whether it’s worth the extra upfront cost. The answer depends on your financial goals, your available cash, and how long you expect to keep the mortgage. What Are Mortgage Discount Points? Mortgage discount points are upfront fees paid at closing in exchange for a lower interest rate on your loan. Typically, one discount point costs 1% of the loan amount. For example, on a $400,000 mortgage, one point...

When buyers begin shopping for a home, one of the first questions they ask is, “What will my monthly payment be?” While that seems like a simple question, many buyers are surprised to learn that a mortgage payment is made up of several different components – not just the amount borrowed for the home. Understanding what makes up a mortgage payment can help you budget more accurately, compare homes more effectively, and avoid surprises during the home buying process. Most mortgage payments include four main components, commonly referred to as PITI: Principal The principal is the portion of your payment...

If you’re buying or selling a home in the DC area, you’ve probably heard the terms appraised value and assessed value. While they sound similar, they serve very different purposes – and understanding the distinction can help you make smarter real estate decisions. Whether you’re purchasing a condo in Arlington, selling a townhome in Alexandria, or simply reviewing your annual tax bill, here’s what you need to know about appraised value vs. assessed value. What Is an Appraised Value? An appraised value is a professional opinion of what a home is worth in the current real estate market. A licensed...

Spring is here, and with it comes one of the busiest – and most competitive – times of year to buy a home. More buyers are entering the market, inventory remains tight, and strong offers are winning quickly. If you’re planning to purchase this season, preparation is everything. One of the best ways to stand out right from the start?A certified buyer pre-approval. What Is a Certified Buyer Pre-Approval? Most buyers are familiar with a standard pre-approval. It’s a helpful first step, but it’s often based on a quick review of your finances. A certified buyer pre-approval takes things much...