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Take the mystery out of buying a home and learn which home loan options are right for you and how the mortgage process works.
Take the mystery out of buying a home and learn which home loan options are right for you and how the mortgage process works.
For many, the first step to home ownership is securing a loan. Buyers should be aware that there are many different types of home loans that can be secured. When one is looking to borrow money, it is important that they know their options. First Meridian, a trusted mortgage company in Virginia, believes in making informed decisions. As a mortgage lender in Virginia, First Meridian has seen many home buyers rush into buying without full knowledge of all of their options. First Meridian, always a step above other mortgage companies in Virginia, has compiled a list of the need to know information about the home buying process, including some of the most common types of loans. First Meridian Mortgage has been originating home loans locally in Alexandria, Virginia which is in Fairfax County Virginia since 1996.
Before choosing a loan, we ask you to consider all aspects. Some loans may have higher interest rates but with fewer fees, whereas others may have lower rates and a shorter loan term. With so many features within each loan, it is important that you consider your own financial needs and choose a loan which best fits your individual lifestyle and circumstances.
For first time home buyers, buying a home is a huge financial step. Take extra time to go through your finances and decide on a payment that will make financial sense for you and your family.
Consider the size of the deposit that you will be able to afford. If you do not have a 20% down payment, consider what the added cost of mortgage insurance may be. Avoiding mortgage insurance can be the difference or thousands of dollars over the life of the loan. Mortgage insurance can be avoided with down payments as small as 3% down with lender paid MI. Buying a home is a big decision; it is best if as a homebuyer you have mapped out the details of your loan.
The home buying process can be scary and filled with unfamiliar terms and jargon. It is best if you familiarize yourself as much as possible with information about the home buying process, including the various types of loans and mortgages that are available.
One of the most popular and secure home loans is the 30-year fixed rate mortgage. The plan features set payments that do not change over time.
The 15-year fixed rate mortgage, makes financial sense to someone who has the cash to spend more now, and save more down the road. The 15-year fixed rate mortgage can save borrowers thousands in accumulated interest. The 15-year fixed rate, like the 30-year fixed rate, features payments that will not change over time..
The ARM features a low but adjustable rate. This type of loan is great for a borrower who plans on staying in their home only for a short time before selling. The ARM can also be used to qualify for a larger house in time when rates are higher. An arm might be used to bridge a gap in time when you might be refinancing or coming in to other cash.
VA loans feature relaxed credit qualifications, low down payments, and 100% financing. This loan type is designed to help veterans realize the dream of home ownership. VA Jumbo loan amounts can go up to $1,500,000. Did you know First Meridian Mortgage is a veteran owned business since 1996, we really do understand what your benefits are. VA Loans can be used to refinance from a conventional or FHA to a VA loan. Purchasing with your VA Loan is easy and comes with lower interest rates than the standard conventional financing and does not require mortgage insurance. Your VA loan is assumable, and you can have more than one VA Loan if your eligibility allows for it.
The First Time Homebuyer loan is a great way to get a new home loan. The loan flexibility and rate security are valuable features of this loan type. For FHA borrowers, down payments can be as low as 3.5%. FHA allows for lower credit scores and higher debt to income limits. FHA also allows a gift for all acquisition cost to include the down payment, closing coat and prepaid.
Jumbo loans are great for borrowers who have a loan amount that exceeds the county conforming loan limits. Jumbo loans may be fixed or adjustable. First Meridian Mortgage can originate loans to 3 million dollars. Jumbo loans can vary in guidelines and often can have slightly different, loan to value, asset and fico requirements. Call for details 703-799-5626
If you are considering buying a home in Virginia, contact First Meridian Mortgage Corporation. As a trusted lender, we have helped countless families realize the dream of home ownership. As a mortgage lender in Virginia, and also doing business in Maryland, and District of Columbia we believe that borrowers should have full knowledge of all of their options. Our reputation as a mortgage company in Virginia is unsurpassed. First Meridian is known for its honesty and approachability, which places us always a step above other mortgage companies Virginia. Our ability to search for wholesale mortgage rates allows us to consistent beat the major credit unions, Banks and Mortgage companies. First Meridian Mortgage does not charge origination charges / points like the Banks or Credit unions. First Meridian’s fees are usually paid by the lender and are preset prior to you calling. Many of our clients receive lender credits toward their closing cost, thus reducing their cost of acquisition. Call to see how much cheaper your closing cost and interest rate will be by using First Meridian Mortgage. 703-799-5626
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