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[…]
Information for first-time homebuyers who need a loan or mortgage in Virginia Beach, Norfolk and Chesapeake: We all know about the housing market crashed in 2008-2009. It happened in part because lenders approved borrowers with little to no income or credit documentation. It was a recipe for disaster.Today, the rules to obtain a loan are much tighter Read more about Reason First-Time Homebuyers May Hesitate to Buy: Industry Regulation[…]
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[…]
Attention first-time homebuyers in Virginia Beach, Norfolk and Chesapeake residents! Lenders want to see a two-year work history at the same company and with a consistent schedule. If a person changes companies but stays in the same industry, there should be no problem. Further, if the person continues to advance in income or benefits within Read more about How Does Employment History Impact My Mortgage?[…]
I often hear first-time homebuyers say they don’t think they can afford to buy a home — especially millennials who may have a lot of debt (ex: student loans). If you live in Hampton Roads (Virginia Beach, Norfolk and Chesapeake), you have options to get a mortgage that are easier than you think. You might have Read more about How Much is a Down Payment for a Mortgage?[…]