Buyer Resources

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RESOURCES, TOOLS, AND LINKS, TO HELP HOME BUYERS

Image is woman using home buyer resourcesThis Is A Basic Resource Page For Buying A Home On The Virginia Peninsula. There Are Links For Home Loans, Home Insurance, City Schools, City Websites, Neighborhood Statistics. Also Tools Like Home Payment Estimate Calculators, Google Earth Locator, And More.

Buying a home is a big decision. It is normal to be a little nervous and unsure about things. But you will find that this can be completelAdWerxy eliminated by simply taking the time to become informed about the process. That is the goal of this website. Below, You Can Get More Free Tips, And Advice, For Buying A Home.

Request Free Assistance With Buying Your Home.  Not Ready Now? Then Just Look For Our Online Assistance Banner When You Are.

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pre-qualification is the first step to buying a homeHOME PRE-QUALIFYING If you are thinking of buying a home, the very first important question to ask yourself is HOW AM I GOING TO PAY FOR IT?

For Example: If a home is for sale and the price is $100,000, then the seller wants $100,000. But most of us will not have $100,000 cash. That means we will have to go to a bank, credit union, home mortgage company, etc. and apply for a loan. The seller gets his $100,000. We get the house. And we make payments back to the bank. We pay back a portion each month the same way we are already used to paying rent each month.

So it just makes sense to find out what your options are!  If you plan on buying a house, 6 months to a year from now, then you should find out about the home financing now! If there are things on your credit that you may need to take care of, then it could take some time. So you want to get started now.

It is called a Pre-Qualification. It is Free, and there is No Obligation. It will let you know all of your financing options. And it will let you know step 1… step 2… step 3… exactly what you need to do. So you will be ready when the time comes.

There are home finance companies that specifically work with people that may have some negative things on their credit. You can easily start by requesting a Free Pre-Qualification online at Carrington Mortgage Services. They are a trusted company serving over 45 states including Virginia. They can help people with credit scores as low as 550. Simply complete their very short form. You only need to complete your Name, Contact Info, select Virginia, and choose Purchase. Then click the SUBMIT button. Someone will contact you. Or call 888-267-8889.

OR, if you are not concerned about your credit status, we recommend Wells Fargo Home Mortgage.  Where you can obtain info and resources from the nation’s #1 lender who will provide support at every stage.

Leanne Crist is a local Wells Fargo Home Mortgage Consultant. NMLSR ID 453197.  She can be reached through her website at https://www.wfhm.com/loans/leanne-crist/index.page or by phone at 757-718-6789.

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Start working on your credit now to buy a homeCREDIT This is, by far, the number one thing that prevents people from owing a home. So much so that we have dedicated a full page to this issue. The bottom line is that if you ask someone to loan you money… and they can see that others have loan you money… and for whatever reason it has not been paid back as promised… then, of course, they will be very hesitant to do it. You will either be denied. Or they will charge higher interest rate, extra fees, etc.

So if you already know that you have negative things on your credit report, you should start the process of clearing it up. The sooner you get started, the sooner you will be moving into your home! You should still get the free pre-qualification. Because they can tell you exactly what you need to do. Plus, there are many people who think their credit is worst than what it actually is. So pre-qualification is still the starting point! Then we encourage you to visit our page to start the process of improving your credit and raising your credit score. The first step is to
Order Your Credit Report.

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Free Home Loan Closing Costs CalculatorCLOSING COSTS Most everyone already knows that when you borrow money the company charges you an interest rate. That is how they make money. By earning money… with each payment you make… on the money they loaned to you. But what many people may not know is that they also make money upfront at the very start. They charges various fees just to give you the loan. Many people don’t know this. Or, they do know, but forget to take it into consideration. Either way, it can be confusing. Because some mortgage companies may charge a particular fee. Other companies may not, etc. But the significant thing to keep in mind is that, if there is a required down payment… then you will need to have that amount Plus whatever their closing costs are.

When you actually apply for a home loan, everyone is required by law to give you a written estimate of their closing costs. But what if you are just having a phone conversation with someone? What if you want to compare fees first so you can decide who to apply with? How do you even know what questions to ask? Well, we have tried to make it easier for you. Below is a basic home loan costs calculator. It lists most of the typical, and common, home loan fees. Simply have this page in front of you when speaking with a mortgage representative. Then go down the list and ask them! Enter in the amounts as they tell you. When you get to the end, ask Are There Any Other Fees? Then click CALCULATE.

* Also keep in mind that you will probably be required to get a home insurance policy before closing. This has nothing to do with what the loan company is charging you. But it is more money you should include in the estimate for the total amount of money you will need to have.

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Estimate how much your home payments will beMONTHLY PAYMENT AMOUNT  How much will my payments be each month? This is another very basic, but very important, question that we all ask. Below is a simple tool you can use. You don’t really need to speak to someone to get the info to put in. You just need to know the price of the home. You can use this to estimate the principal, and interest, payments for any home.

What number should I put in for the years? By far the most common loan type is the 30 year financing.

What amount should I put in for the interest rate? Wells Fargo is probably the number one Home Loan Bank in the country, or very close to it. They publish their current interest rates for everyone to see. And they update it daily. You can get it here https://www.wellsfargo.com/mortgage/rates. Enter in the amount and click CALCULATE.

 

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Property taxes on the Virginia PeninsulaTAXES The above calculator shows the amount, with interest, that you are paying back to the home loan company. Depending on the particular company that will be all. However, there are many mortgage companies that will require an extra amount to be included for the city taxes to paid every six months. In order to estimate this it will be necessary to find out the different tax rate for the individual city your home is located in.

Below is a direct link to the official websites for the city of Hampton, Newport News, Yorktown, and Poquoson. You can learn about their real estate taxes. As well as  other important city services. Everything from, permits, to trash pick days, to planned city projects, etc.

Each city has a different real estate assessment rate, and they are subject to change. It is why we provide a link directly to the city’s website. Each will have the ability to search for a specific address. Once located, it will give you the current assessed value for that home. You then divide that amount by 100. Then multiply that number by the city’s tax rate. The result is the annual amount of taxes for that home. Simply divide it by 12 months and this is the amount that is included with you home payment each month.

 Hampton Virginia  www.hampton.gov
Newport News, Virginia  www.nngov.com
Yorktown, Virginia   www.yorkcounty.com
 City of Poquoson Virginia  www.ci.poquoson.va.us

 

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INSURANCimage is a picture of netquote websiteE We all know that anything of significant value should be insured. Obviously, this is true with a house that cost multiple thousands of dollars. You want to have insurance in case of fire, etc. Many home loan companies are going to require you to show proof that you got it before they give final approval. Then what ever the renewal cost is for the upcoming year. They want that amount divided into 12 month increments and included with your monthly payments. This is the final ingredient in your total monthly home payment amount.

First there is the original amount of money you borrowed. That is called the Principal. Then there is the Interest rate they are charging each month. Then there are the 12 month increments of the city Taxes. And lastly, the 12 month increments for the Insurance.   So whenever you hear the term P.I.T.I. This is what they are talking about.

You can get a Free Home Insurance quote online. When you are ready to shop for insurance, you can get instant access to the most competitive homeowners insurance quotes at NetQuote.com. They are an established insurance option that has helped millions of families by providing the convenience of instant information, and a wide range of homeowners insurance options. You complete one quote form and get replies from Progressive, State Farm, Esurance, Liberty Mutual, and Travelers.
Visit Their Website.

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Should you get a regular 30 yr or a 15 yr loan15 or 30? By far the most common financing term when it comes to a home loan is a 30 year loan. However there are other options available. The world has change and there are fewer people who are actually remaining in the same city, much less the same home, for 30 years. One option that is growing in popularity is financing the home for 15 years. As you can imagine the big difference is that more of the original amount borrowed is paid back faster. However, you actually save money because less interest is paid over the life of the loan. So the big question is What will be the difference in the monthly payments? Can I afford to do it? Just use the simple calculator below to compare the difference. And remember there is still the taxes and insurance to consider.

 

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What schools will my children go to if we buy this home?SCHOOLS The overwhelming majority of people who buy homes have children. This means that schools are always a major concern when deciding on which city, which neighborhood, etc. Below is a direct link to each of the Peninsula Cities official School System Website. Each site has a function that will allow you to enter the address for the home you are considering. It will then tell you exactly what K through 12 schools your child will attend for that address. You can then go directly to each of the individual school’s website for more information.

 

 Hampton Virginia  Hampton City Schools
Newport News, Virginia  Newport News City Schools
Yorktown, Virginia   York County Schools
 City of Poquoson Virginia  City Of Poquoson Public Schools

 

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CITY STATISTICS Here is an additional option for school information, and much more. You need to gocity-data directly to the city’s official school system website for very essential information for some things. But, of course, they are going to present themselves as best as possible. Therefore, for other things, you may want to get a completely independent assessment of that school. You can get all of that, and more, by visiting City-Data.com. This site collects a variety of information from different resources and puts them all together in one place. You can find out everything from independent statistics for a specific city school, to city weather patterns, to city demographics, to crime statistics, and more. Visit Their Website

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See satellite image of area around a home addressLOCATION, LOCATION, LOCATION Curious about the neighborhood of the home you are considering? What about the area surrounding it? Below is a very simple, and easy to use, satellite tool. Simply enter the Street Address, City, Zip Code, for the home. You can zoom in, zoom out, drag it around, look at the home next door, the home across the street, look down the entire street, etc. In fact, you can view almost any place in the world.

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WE HELP PEOPLE BUY HOMES! PENINSULA HOME REAL ESTATE
809 Aberdeen Rd Suite 9001 Hampton Va 23670

 

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