One Step Closer to a Richmond VA Home

When it comes to buying a new home, it’s sometimes hard to know where to start, especially in today’s economy. The real estate down turn has affected people around the globe, with home loans more difficult to obtain, and interest rates that are unpredictable at best.  Richmond VA real estate is no stranger to these difficulties.

To get a Richmond VA home loan, it’s a good idea to first meet with a mortgage broker, and then keep in contact with him/her throughout the process. There is an endless array of loan options, from introductory or honeymoon rates that increase after 6 to 12 months, (sometimes at an outrageous rate) to the standard mortgage with either fixed or variable interest rates.

If you choose a variable rate loan, keep an eye on the interest rates, they are constantly fluctuating and you may want to switch to a fixed rate if they fall low enough.

Another option for those wishing to use a home loan to upgrade their residence, but don’t have the equity to do so, may be to purchase a modest investment property. This gives the ability to raise both equity and credit rating with consistent payments, and can be a tremendous help in obtaining a mortgage to buy or refinance in the future.

Getting a Richmond VA home loan may become a little frustrating at times, but it’s not impossible. Persistence and a good mortgage broker are definitely the keys to getting you into your new home, even with today’s economic difficulties.

If you have questions or comments, please don’t hesitate to contact us, or use the comment link below as well. Your email address will never be published with your comments.