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Local Mortgage Lender In Vienna, VA

Conforming vs conventional loans: where they overlap and where they don’t

Let’s face it: the world of mortgage loans can be confusing. For first-time homebuyers in particular, the lingo itself can be hard to get straight. For instance, do you know what a conforming loan is? How about a conventional one? Chances are, you thought of them as the same thing. Conventional loans are often confused …

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Mortgages Jobs In Vienna, VA

What is Private Mortgage Insurance and do I have to pay it?

When applying for a mortgage, the lender in question usually requires a down payment of 20% of the home’s total price. When the borrower can’t afford that amount, lenders tend to look at the loan as a ‘risky’ investment and require that the buyer take out PMI, or private mortgage insurance. PMI serves as an added …

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Mortgage Advisor, Vienna VA

Why should you get a mortgage pre-approval?

Shopping for a home can be incredibly exciting, but if you’re serious about making it happen, it’s important to begin the process with a mortgage broker before going shopping. Most sellers expect potential buyers to have a mortgage pre-approval letter, and are far more amenable to negotiating with someone who does. Why? Because it proves you can …

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Mortgage Advisor, Vienna VA

What are the different types of private mortgage insurance?

When a homebuyer makes a down payment of less than 20%, most lenders require that the borrower pay private mortgage insurance (PMI) until they’ve covered 20-22% of the cost of the home and are no longer considered high-risk. Simply put, PMI is designed to protect the lender’s investment. PMI costs can range from 0.25% to 2% …

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Mortgages Jobs In Vienna, VA

Can you get a VA loan if you’re self-employed?

A VA loan is a type of mortgage available through the United States Department of Veterans Affairs, and is aimed at assisting active military service members, veterans, and surviving spouses to purchase homes. But landing a VA loan as a self-employed person can pose some unique challenges—most often in the form of added scrutiny from …

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