Topic
Rates, loans, down payments, closing costs and the personal finance side of real estate.
Daniel ParkNo. 163
A prequalification is an estimate. A strong preapproval is a verified plan. Here’s the difference, what lenders check and how to make your letter count.
Keep reading: Preapproval vs. Prequalification: What Sellers Actually Want to SeeDaniel ParkNo. 161
Write-offs that save you taxes can shrink what you qualify for. Here’s how lenders calculate self-employed income and how to plan a year or two ahead.
Keep reading: Self-Employed and Buying a Home? How Lenders See Your IncomeDaniel ParkNo. 159
Your mortgage payment is only part of the story. Here’s a full monthly budget for a Northern Virginia home, including the costs most buyers forget.
Keep reading: The True Cost of Owning a Home in Northern Virginia (Beyond the Mortgage)Daniel ParkNo. 157
Your loan rate is fixed, but your payment just rose. Here’s how escrow accounts work, why shortages happen and how to avoid a surprise every year.
Keep reading: Why Did My Mortgage Payment Go Up? Escrow Accounts ExplainedDaniel ParkNo. 154
A renovation loan lets you finance the purchase and the repairs in one mortgage. Here's how FHA 203(k), Fannie Mae HomeStyle and other options compare for Northern Virginia buyers.
Keep reading: Renovation Loans Explained: FHA 203(k), Fannie Mae HomeStyle and Other OptionsDaniel ParkNo. 152
Virginia Housing offers low down payment loans, grants that never need repaying and a second mortgage for the down payment. Here's how each works and who qualifies.
Keep reading: Virginia Housing Programs for First-Time Buyers: Loans, Grants and Who QualifiesDaniel ParkNo. 151
An ARM can save you real money in the early years, or cost you later. Here’s how caps, indexes and resets work, with a worked example on a $600,000 loan.
Keep reading: Adjustable-Rate Mortgages Explained: When an ARM Makes Sense and When It Doesn’tDaniel ParkNo. 148
A rate lock protects your mortgage rate between contract and settlement, but the details matter. Here's how lock periods, float-downs and extensions work, and how to time your lock in Northern Virginia.
Keep reading: Mortgage Rate Locks Explained: When to Lock, Float-Downs and ExtensionsDaniel ParkNo. 146
Virginia closing taxes split between buyer and seller. Here are the grantor tax, regional fees and recordation taxes in Northern Virginia, with a worked example.
Keep reading: Virginia Grantor Tax, Recordation Tax and Regional Fees: Who Pays WhatDaniel ParkNo. 145
Family help is one of the most common ways buyers get into a home. Here’s how to document a gift the right way so it doesn’t slow down your loan.
Keep reading: Using Gift Money for a Down Payment: Rules, Paperwork and Tax Facts