As we enter the holiday season in Hampton Roads, it’s common for people to seek out seasonal employment and second jobs. According to Bloomberg News, “about 821,000 workers will be hired for retail seasonal jobs this year, up 11 percent from a year ago.”But what does seasonal employment mean for people who apply for a mortgage? To Read more about Seasonal Employment, Mortgages and Buying a Home in Virginia[…]
Today, let’s talk about “payment shock” and what it means for millennials. I see the issue all the time with first-time homebuyers in Virginia (Virginia Beach, Norfolk and Chesapeake). First, what is payment shock? It’s when the amount of the proposed monthly mortgage payment is significantly higher than a rent payment — or no payment at Read more about First-Time Homebuyers and Payment Shock[…]
This week, The Atlantic published a story called “What It Would Take for Millennials to Become Homeowners.” Part of the solution is down-payment assistance as young people often don’t have enough money in savings. I see the issue time and again with first-time homebuyers in Virginia Beach, Norfolk and Chesapeake. Young people who want to Read more about VHDA: A Great Loan Program for First-Time Homebuyers[…]
I hear the above phrase all the time with clients in Virginia Beach, Norfolk and Chesapeake. Owning a home is a important financial responsibility, and the decision should not be taken lightly. Before you buy, you must consider: – How long do you plan to stay in the area? – Do you have enough money Read more about Mortgage vs Rental Payments[…]
Lenders want to see the borrower has solid history of paying debt on time and in a consistent way. That’s why they refer to a credit report. It is important to note that when buying a home, some banks accept a minimum score of 620 (depending on the loan program). I work with a Read more about Does My Credit Score Impact My Mortgage?[…]