Considering a move to Oakton, Virginia? One of the most important decisions you and your family will make during your lifetime is to obtain a mortgage so that you can purchase a home. With the help of an experienced loan officer, the loan process will be done in a timely manner, and you and your family will be moving into your new home before you know it.
Loan Officer Selection
An experienced loan officer can guide you through the loan process from beginning to end. Many questions will arise, especially if you are a first time buyer, and they will be available to answer them. Find someone you feel comfortable with and someone you can trust, as you will need to provide a lot of personal and financial information during the loan process. The right loan is out there for your family’s current situation and a good loan officer will find it for you.
Necessary Documentation
Your loan officer will advise you on what documentation you will need to provide to begin the loan process. A verification of employment form will be sent to your employer and a verification of deposit form will be sent to the banks you have accounts with. You will need to provide your credit history, tax records, current housing costs, and information on other assets you might have. You will also need to fill out a loan application. With all of this information, your loan officer can determine how much money you will be able to borrow.
What Mortgage Options are Available?
There are many mortgage types on the market today. Common mortgage types are fixed rate, adjustable rate, balloon, and interest-only. A fixed rate loan has the same interest rate for the duration of the loan so you will have the same mortgage payment every month. Typical loan durations are 15 or 30 years. The interest rate with an adjustable rate loan can fluctuate depending on the interest rate at the time of pre-determined intervals. Your mortgage payment can go up or down at these times. A balloon loan has a low interest rate throughout the duration of the loan but it has to be paid in full in 5 years. Your payments for the first 10 years of an interest-only loan will be the same and go only towards the interest. At that time, the principal will be added in and your mortgage payment will rise. A knowledgeable loan officer will be able to investigate the many options available and assist you in choosing the mortgage type that is right for you.
Closing
The final step in the loan process is closing. At this meeting you will sign all the necessary documents to purchase your home. Make sure you understand all the documents before you sign them. You will also pay your down payment and whatever closing costs there are. At the end of this meeting, you will be given the keys to your new home. It is now time to prepare for moving into your new home.
Home Equity Loans
If you have lived in your home in Oakton, Virginia for a while, then a home equity loan may be a good choice for you. The equity you have earned in your home can provide money that will be available to use for whatever purpose you want. Why not pay off those medical expenses, credit card bills, or even buy a new car? Home equity loans can be either in the form of a lump sum payment or a line of credit. You will pay interest only on the amount of money you borrow. Home equity loans have typical terms of 10 to 15 years.
Refinance Loans
A refinance loan allows you to replace your existing loan. This is especially helpful if the current interest rate is lower than your existing rate, or if you have an adjustable rate loan and are expecting interest rates to rise. Changing to a lower interest rate or a fixed rate loan will obviously reduce your mortgage payment. The money you save each month can help you pay off your bills, education costs, or a family vacation.
Contact one of our experienced loan officers today to discuss mortgages, refinance loans, or home equity loans available to you in Oakton, Virginia.
