Getting the best interest rate on your Fairfax VA home mortgage can save you almost $100 to $300 off of your monthly payments. Interest rates are basically determined by two factors: credit score and choice of lender. Here’s how to improve your credit score and thereby get you a better interest rate. Your credit score […]
After a distressed Fairfax VA home has gone through short sales or foreclosure auction but still remains unsold, the bank will take it back themselves and foreclose it. It will then become an REO sale; REO meaning Real Estate Owned, or in other words, bank-owned properties.
After Fairfax short sales, the second strategy involves foreclosure auction. This happens when the bank itself takes the Fairfax foreclosure back from the seller. This might be the most hazardous time to buy Fairfax VA homes for sale since you won’t be allowed to see or inspect the property at this time. It’s highly advantageous for you, then, to know of the pitfalls and dangers to avoid, and the corresponding profits to make.
Talking about foreclosure can fill up an entire book by itself. However, there are three types of foreclosures you should be aware of when buying this kind of Fairfax VA homes for sale.
In buying Fairfax VA homes for sale, another opportunity to save on closing costs is in the home and land survey recertification. The lender requires all buyers of Fairfax VA homes to get a survey which can run from about a couple hundred dollars to as much as a couple thousand dollars. Some surveys have […]
Most people buying Fairfax VA homes for sale know about the down payment required for the purchase. However, there are some who are unaware of the additional closing costs involved, which can amount to as much as 3% to 4% of the sales price, making it a considerable expense.
In Part One, we showed that a standard 30 year mortgage of $200,000 at 6.5% amortized for Fairfax VA homes would mean paying $255,090 in interest, plus another $200,000 which is the original principal amount that you borrowed. In order to save thousands of dollars, you can actually pre-pay small Principal portions of your monthly mortgage payments each and every single month.
