Home buyers in Chantilly and the other communities of Northern Virginia don’t have to go into the mortgage loan process unequipped.

In the four-part series we hear from Real Estate in Chantilly contributor, and Bank of America Loan Officer Rob Martinson on what you need to know before applying for that mortgage.

It is a jittery environment, with many consumers wondering how they should proceed when it comes to the mortgage aspect of home buying.

In this episode we discuss how to select the mortgage loan company and person that will be right for you. What should you be on the lookout for, and what are the red flags that may be telling you what to avoid?   Where does interest rate fit into the evaluation of a good, competitive mortgage loan?   Grab these insights so you will be better able to get into a loan product that is best suited for your individual needs.

The Kathy O’Neal Team at REMAX Premier wants Chantilly, Centreville, and Northern Virginia area home buyers to have the benefit of this information so that they can get the best loan for their needs. You can get all of the episodes in this series, as well as future shows dealing with mortgage and finance issues, through a free SUBSCRIPTION to our blog.

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If you are a home buyer in Chantilly or one of the other communities in Northern Virginia, and you want to have the added advantage of knowing what to expect before you jump into the mortgage loan process, then this series is just for you.

Getting a mortgage – and the property that goes along with it – is not the time to make mistakes.  And yet, big mistakes are made every day when it comes to mortgages and real estate.  Give a listen to Rob Martinson’s insights before you start the mortgage process rolling, so you can be better equipped to do it right the first time.

In this third installment of the series, we discuss special help for first-time home buyers in Virginia, along with common misperceptions that buyers have about the current market.  Just how important is your Credit Score?   How much down payment will you need?   What about FHA backed mortgage loans?  If you live in Virginia, can you qualify for a VHDA loan program as a first-time home buyer?  What are the advantages and possible disadvantages of these types of loans vs going the Conventional loan route?  We’ll talk it through in this series.  You may want to listen to Part 1 and Part 2 of this series as background.

The Kathy O’Neal Team at REMAX Premier wants Chantilly, Centreville, and Northern Virginia area home buyers to have the benefit of this information so that they can get the best loan for their needs.   You can get all of the episodes in this series, as well as future shows dealing with mortgage and finance issues,  through a free SUBSCRIPTION to our blog.

Download this episode (right click and save)

If you are a home buyer in Chantilly or one of the other communities in Northern Virginia, you will want to hear this brief but informative discussion of what you need to know about the mortgage loan process in the current market.

In this first installment of the series, we discuss the fundamental concepts of getting your mortgage loan.

Where do you start?  What can you expect?  What are the charges you will incur?  How much money will you need for down payment?  What about credit scores?  In this four-part series on Getting a Mortgage Loan we discuss the fundamental information you will want to know before jumping into the home buying process.

The Kathy O’Neal Team at REMAX Premier wants Chantilly, Centreville, and Northern Virginia area home buyers to have the benefit of this information so that they can get the best loan for their needs.   You can get all of the episodes in this series through a free SUBSCRIPTION to our blog.

Download this episode (right click and save)

For you, the buyer, this is a pretty easy step. It’s really like an easy stroll in the park. Of course most don’t conclude with you owning a home, so the walks you are probably more familiar with seem to pale in comparison

At this point your loan officer should be putting the final touches on your loan.  In today’s market, once all conditions are cleared, many loans are required to go back to underwriting for final inspection.  The underwriter is going to do a quick double check of everything in the file to make sure the documents they asked for have been properly collected.  While this may seem a simple task, remember that underwriters keep their job only if the clients they underwrite keep their homes.  If they approve a file today and the client trips, falls, and defaults out of the gate, they probably will not be working too much longer.

Your loan officer is going to work very closely with the underwriter to explain everything in the file.  If something makes sense to the loan officer, it doesn’t necessarily make sense to the underwriter.  As a result, this can be a very meticulous (although not too difficult) time for your loan officer.  More than likely, he or she will probably come to you to ask that some form be signed, an extra bank statement be submitted, or some explanation be made for something in the file.  This is normal and should not be regarded as a reason for panic.  With the government and investors scrutinizing lenders with a magnifying glass that would make the Hubble Telescope look like a toy, your loan officer has to make your file as squeaky clean as possible.

Once the underwriter gives their final approval, your loan officer can generate a final approval letter for you.  With this in hand, not only are you approved, but so too is your property.  I would say it is about time to go to closing, wouldn’t you?

This post by Robert Martinson. You can contact Robert at Robert.a.martinson@bankofamerica.com]