Reston, Virginia is home to nearly sixty thousand people, and with the right mortgage, you could call it home very soon.
The First Step
There are a lot of reasons you might want to consider Reston for your new home. Whether it is the job opportunities presented by the Fortune 500 companies that call the town home or the cultural activities in the area, the first step to getting the perfect Reston home is to get pre-approval for the right mortgage. Pre-approval helps you to understand the types of loans that are available for your current financial situation and exactly how large of a house you can afford. In most cases, no documentation is necessary to get pre-approval from your lender, and while you are in the lender’s office or on the phone with the lender, you might want to talk about what types of loans might be right for you. While at one time fixed and adjustable rate loans were the only options, the explosion of the mortgage industry has led to a lot of other ideas, so whether you need a longer term or some options on your monthly payments, your lender might have the right loan for you.
Once you have gotten pre-approval, it is time to start house shopping.
Refinancing
There are a lot of reasons to consider a refinance. Many people choose to change the rate or term of their loan with a refinance. Others choose to change the size and shape of their loan entirely with a refinance. Still others choose to cash out the equity that has grown in their home as they consider a refinance loan. The first step is choosing a new loan.
There are hundreds of kinds of mortgage refinance loans out there today, and your first step should be to find one that is right for you. When you took out your initial mortgage loan, the chances are pretty good that you went with one of the more traditional loans on the market. Adjustable rate loans and fixed rate mortgages are common first mortgage loans, but if you have found a changing financial situation, it may be time to change your mortgage loan to meet your new needs. Take a look at some of the options.
Interest only loans allow you to pay only the interest on your loan for the first ten years. This can give you quite a bit of room on your monthly payments.
Balloon loans come with some of the lowest interest rates on the market, which means low payments. However, they do reach maturity in just five to seven years, so unless you are prepared to sell within that time frame, this might not be the best loan for you.
Options ARM loans give you the choice of four possible monthly payments. These can be great loans for the self-employed or those who have seasonal incomes.
Regardless of what type of loan you are interested in, be sure to ask whether a cash-out option is right for you. This gives you the chance to access the equity in your home and turn it into cash. Equity is the difference between the value of your home and the balance on your loan, and with the home prices in Reston on the rise, you may have more equity than you think.
If you like the idea of cashing out you equity, but you would rather not refinance, talk to your lender about a home equity loan on your Reston home. It is a loan in addition to your mortgage, so while you will have two payments each month, you will also get the money you need to consolidate debt or make home improvements.
If you are ready to get started, take a moment to fill out the form below. A lender will contact you right away to discuss your financial needs.
