The home buying process may seem daunting to someone who has never purchased a home before. But, with the assistance of an experienced loan officer and Realtor, a first-time home buyer can obtain a better understanding of their financing options, leading to a more positive home buying experience. 

Whether you’ve been dreaming of owning a Virginia Beach home for years or you’ve just decided it would be a smart financial move to make, your first home buying experience will be a memorable one. It’s important to learn about your financing options in order to find the mortgage that’s right for you.

The following are tips for Virginia Beach first-time home buyers: 

1. Educate Yourself About the Mortgage Process
By taking the initiative and learning about the mortgage process, you can be more confident in the financial decisions you are making. It’s important to learn about different types of mortgages, how much you can afford, how your credit impacts your interest rate, and the benefits of home ownership. A mortgage tutorial is available at http://smartedgebygmac.com, which breaks down the home buying process into easy-to-understand steps. 

2. Save Just a Little Bit More
It’s not only important to save money for the down payment and closing costs, but it’s important to factor in some of the other costs of home ownership such as decorating, repairs and maintenance. Many mortgage lenders recommend that first-time home buyers have at least three to six months of additional savings in their possession in anticipation of these additional expenses. 

3. Check Your Credit
An individual’s credit score will have a significant impact on his or her mortgage loan approval and interest rate. A good first step in financing a home purchase is to check your credit history. You can request a free credit report from any of the three credit reporting bureaus: Equifax, TransUnion or Experian. Carefully review your report and contact the credit reporting bureaus to correct any inaccuracies. 

4. Shop Around for a Mortgage Lender 
As you start thinking and preparing for the home buying process, start shopping for the mortgage lender from whom you would like to obtain a mortgage for your new home. Because this process is new, it’s easy to go with the first lender or loan officer you meet. Instead, take your time and shop around. Don’t know a mortgage lender, contact us, 866-222-0158 #550 or info@butlerteamhomes.com. We are glad to give you a couple of references. When you’ve identified two or three loan officers, ask for references. In addition to pricing (interest rate and closing costs), focus on customer service as well as other services and tools that a mortgage lender may be able to offer you. 

5. Get Pre-approved 
Before you start working with a real estate agent, consider contacting a mortgage lender to obtain a pre-approval credit decision. A loan officer will review your financial status, including your income, cash flow and credit score, to help you determine the maximum monthly housing payment for which you may be able to qualify, and, if qualified, “pre-approve” your mortgage before you’ve found a home. Armed with a credit pre-approval, you can start searching for homes with a much better idea of your price range, and in turn save time as you will know the right homes to focus on. Obtaining a pre-approval may offer more confidence and certainty to home sellers in your ability to purchase the home.

6. Don’t Be Afraid to Ask Questions 
Once you’ve found your new home, the mortgage lender will help you through the details of the loan process. From application to closing, your loan officer will work through the financing process with you, just as your real estate professional should do in the home buying process. Throughout the process, read all loan documents carefully, and involve an attorney, if necessary. 

7. Inspect
Before you commit to purchasing a home, don’t forget to hire a licensed home inspector to conduct a thorough assessment of the property. An inspector can alert you to any major problems with the home, and/or help you understand potential short-term and long-term home maintenance issues.

Are you a first-time Virginia Beach home buyer…or want to be, but have lots of questions? Just give us a call. We can sit down with you and answer all your questions…no obligation!

Start your Virginia Beach home search by looking at homes for sale and get a list of new Virginia Beach homes for sale emailed to you as they hit the market.

Related Posts:

6 Ways To Beat The Stress Of Buying A Virginia Beach Home
Virginia Beach VA Real Estate: 7 Reasons To Own Your Own Home
Virginia Beach VA Real Estate Market Is Different

Stress

 A lecturer when explaining stress management to an audience,
raised a glass of water and asked
“How heavy is this glass of water?”Answers called out ranged from 20gms. to 500gms.

The lecturer replied, “The absolute weight doesn’t matter.
It depends how long you try to hold it.

If I hold it for a minute, that’s not a problem.

If I hold it for an hour, I’ll have an ache in my right arm.

If I hold it for a day, you’ll have to call an ambulance.

In each case, it’s the same weight, but the longer I hold it, the heavier it becomes.”

He continued, “And that’s the way it is with stress management.  If we carry our burdens all the time, sooner or later, as the burden becomes increasingly heavy, we won’t be able to carry on.  As with the glass of water, you have to put it down for a while and rest before holding it again.  When we’re refreshed, we can carry on with the burden.”

“So, before you return home tonight, put the burden of work down. Don’t carry it home.  You can pick it up tomorrow.  Whatever burdens you’re carrying now, let them down for a moment if you can.”

So, my friend, Put down anything that may be a burden to you right now.  Don’t pick it up again until after you’ve rested a while.

Here are some great ways of dealing with the burdens of life:

* Accept that some days you’re the pigeon, and some days you’re the statue.

* Always keep your words soft and sweet, just in case you have to eat them.

* Always read stuff that will make you look good if you die in the middle of it.

* Drive carefully. It’s not only cars that can be recalled by their maker.

* If you can’t be kind, at least have the decency to be vague.

* If you lend someone $20 and never see that person again, it was probably worth it.

* It may be that your sole purpose in life is simply be kind to others.

* Never put both feet in your mouth at the same time, because then you won’t have a leg to stand on.

* Nobody cares if you can’t dance well.  Just get up and dance.

* Since it’s the early worm that gets eaten by the bird, sleep late.

* The second mouse gets the cheese.

* When everything’s coming your way, you’re in the wrong lane.

* Birthdays are good for you.  The more you have, the longer you live.

* You may be only one person in the world, but you may also be the world to one person.

* Some mistakes are too much fun to only make once.

* We could learn a lot from crayons… Some are sharp, some are pretty and some are dull. Some have weird names, and all are different colors, but they all have to live in the same box.

A truly happy person is one who can enjoy the scenery on a detour.

Have an awesome day!!

A few weeks ago, HUD released new loan limits for FHA and Fannie Mae/Freddie Mac (GSE)conforming loans. The impact of these loan limit increases on the housing market is expected to be significant because of the infusion of capital into the mortgage market, resulting in lower interest rates across the board. In addition, there will be a direct impact on high-cost areas that previously required borrowers to take out costlier jumbo mortgages.

New loan limits for Virginia Beach and Hampton Roads are as follows: 

Obviously, Virginia Beach and Hampton Roads do not (thank goodness!) qualify as a high-cost area.  That’s why our conventional limit did not increase much.  And it’s wonderful that FHA is up to $428,750 because (1) that will take care of MOST Virginia Beach and Hampton Roads home purchases and (2) it’s so much easier credit-wise to qualify for an FHA loan. 

Be sure to contact your lender to determine how the new loan limits affect your buying power. Don’t have a lender yet? Contact us at 866-222-0158 #550 or info@butlerteamhomes.com. We are glad to refer you to a reputable lender with competitive pricing. Be sure to visit our website, ButlerTeamHomes.com, for Virginia Beach real estate info.

Also read:
6 Ways To Beat The Stress Of Buying A Virginia Beach Home
Virginia Beach Real Estate Interest Rates Take A Nose Dive
Virginia Beach Real Estate Radio Show and Podcast

Schools are important when buying Virginia Beach real estate – even if you don’t have kids!

Most families with children are concerned about schools, whether public or private, making the school district a Virginia Beach home is in one of their top priorities. But even families without children need to be concerned with the area schools. Virginia Beach property values are influenced be the school system that services your neighborhood.

You can take the same house and put it in two different locations with two different schools and the house feeding into the better school system will appreciate faster. The resale value of your home will definitely be influenced by the schools in the area.

Are you in the market to buy Virginia Beach real estate? If so, below are links for Virginia Beach and Hampton Roads public and private schools:

Public Schools

     Community

     Virginia Beach

     Chesapeake

     Norfolk

     Portsmouth

     Suffolk

     Isle of Wight

 Local Private Schools

     Cape Henry Collegiate

     Chesapeake Bay Academy 

     Hampton Roads Academy  

     Nansemond-Suffolk Academy  

     Norfolk Academy  

     Norfolk Collegiate School  

     Virginia Beach Friends School  

     The Williams School

     Preschool Directory

Interested in independent school rankings? Visit these sites:

     GreatSchools.net

     SchoolDigger.com

     PublicSchoolReview.com

     SchoolMatch.com

More links to Virginia Beach and Hampton Roads colleges and universities can be found on our website, ButlerTeamHomes.com. Search for Virginia Beach real estate and homes for sale.

627 W 34th Street, Norfolk VA 23508 – Norfolk Va real estate for sale!

Great property for the owner occupant; rent one unit and live in the other.  This three bedroom over/under duplex in Park Place has been completely renovated including newer furnaces, air conditioning, appliances, kitchen cabinets, flooring, windows and doors.  Looking to enter the real estate market?  This turn key property is just the place.   Looking for a hassle-free investment property where your ‘Return On Investment’ is in the black? This duplex is the perfect opportunity for either the first time buyer or the experienced investor.Each unit is three bedrooms and 1 bath.  Each unit has a private front and rear entry.  The front entry (keyed) has one exterior door that then allows entry to a small lobby area where each unit has it’s private, keyed entry.

So, the appearance is a single family home, giving you a warm feeling rather than ‘Just another apartment.’  Once inside it is as though you are the only one there.  Total privacy and comfort for each unit.

Why not let someone else make most of your mortgage payment for you rather than paying it all yourself?  BUT, you get to reap the rewards of real estate appreciation.  Then in the future you can move up to a new place and keep this one as a “positive cash flow property”.   OR, if you are looking strictly for an investment, here is the chance for positive cash flow from the very first day. 

You see the TV shows touting smart real estate investing….. Here is YOUR chance to take part and Invest in Norfolk VA real estate!  Show your friends your real estate savvy!! Give us a call today @ 866-222-0158 #550 to schedule your private viewing.

For more information on Norfolk VA real estate or homes for sale anywhere in Hampton Roads, visit our website, ButlerTeamHomes.com. Automate your Norfolk VA home search with New Listing Alerts.

The Butler Team and Dave Macklin present the Virginia Beach Real Estate Radio Show and Podcast.

The March edition of the Virginia Beach Radio Show and Podcast covers Virginia Beach real estate market activity, as well as the new financing rules from Fannie Mae and Freddie Mac.Features special guest Terri Murphy of US Learning.Program length: approximately 6 minutes

                             download podcast mp3 file    |    subscribe to podcast feed

If you would like to learn more about investing in Virginia Beach real estate, please call us at 866-222-0158 #550 or visit ButlerTeamHomes.com.  You may also begin searching for Virginia Beach homes here!

Suffolk VA experienced a decrease in real estate sales.

Suffolk VA experienced a decrease in real estate sales of 25 percent this February compared to February 2007. Market times increased 16 percent, 74 days vs 86 days. The average sales price decreased in Suffolk to $292,475 or 10 percent. The median price also decreased by 10 percent to $255,000.  

Now is a GREAT time to be buying a home in Suffolk VA. To learn more about Suffolk VA real estate, please contact us at 866-222-0158 #550 or visit ButlerTeamHomes.com. To begin searching for southern Virginia homes, please use our complimentary MLS search. 

Interested in knowing what your home is worth? Visit HRHouseValue.com.

Statistics compiled from Real Estate Information Network. They are deemed reliable, but not guaranteed. 

Related posts:
Hampton Roads & Virginia Beach Real Estate Market Trends

Portsmouth VA real estate market trends.

Portsmouth VA real estate sales decreased by 20 percent in February compared to February 2007, with market times increasing 40 percent. The median price increased stayed the same at $160,000 and the average sales price declined 7 percent to $164,715.
 

Now is a GREAT time to be buying Portsmouth VA real estate. To learn more about Portsmouth VA real estate, please contact us at 866-222-0158 #550 or visit ButlerTeamHomes.com. To begin searching for southern Virginia homes, please use our complimentary MLS search. 

Interested in knowing what your Portsmouth VA home is worth? Visit HRHouseValue.com.
 

Statistics compiled from Real Estate Information Network. They are deemed reliable, but not guaranteed. 

Related posts:
Hampton Roads & Virginia Beach Real Estate Market Trends

Norfolk real estate (residential) experienced a 31 percent decline.

Norfolk real estate (residential) experienced a 31 percent decline in sales this February compared to February 2007. Market times decreased 6 percent. The median price increased 2 percent to $205,500, while the average sales price decreased 11 percent to $224,438. 

Now is a GREAT time to be buying a home in Norfolk. To learn more about Norfolk and Virginia Beach real estate, please contact us at 866-222-0158 #550 or visit ButlerTeamHomes.com. To begin searching for Norfolk homes, please use our complimentary MLS search. 

Interested in knowing what your home is worth? Visit HRHouseValue.com.
 

Statistics compiled from Real Estate Information Network. They are deemed reliable, but not guaranteed. 

Related posts:

Virginia Beach Fun Friday.

Virginia Beach…just a chuckle to brighten your Friday.

Remember, we are available for all your Virginia Beach real estate needs. Simply, visit our website, ButlerTeamHomes.com or give us a call at 866-222-0158 #550 for more personalized service.