Date Archives: August 2017

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How to Qualify for a Home Loan

How to Qualify for Home Loan

Obtaining approval for a home loan is one of the most important things that you'll do in the process of buying a house – and for many people it's one of the most intimidating. Even if your financial picture is in great shape for obtaining a mortgage, it's not always easy to know where to start, what steps to take, and who you can turn to for advice. Here is a review of what it takes to qualify for a mortgage.

Follow These Steps to Simplify the Process of Obtaining a Home Loan

The most important thing to remember about qualifying for a mortgage is that it really pays to be prepared. Understanding the basics of how the process works ultimately saves time, makes life easier, and leads to better results.

  • Credit Score and Credit Report

    Your credit score plays a major role in your ability to qualify for a loan, as well as the terms that will be available to you. When it comes to credit score, higher is better, and the best way to build a high score is by paying back debts on time consistently. This can include credit card debt, auto loans, and most other types of loans.

    Your credit report is also a factor, and it's evaluated similar to your credit score. So if you have large, outstanding debts or judgments that have not been paid, there is a good chance you'll need to "clean up" those issues before qualifying for a mortgage.

  • Down Payment

    The down payment you're able to make is another big factor in qualifying for a loan, and the typical minimum down payment is 3.5 percent of the home's value for an FHA loan, and 5 to 10 percent of the home's value for a conventional mortgage. An FHA loan is an option for first-time home-buyers, and is also more forgiving when it comes to past credit issues. There is flexibility to make a larger down payment as well, if the finances work for you. Just remember to leave extra room in your budget for closing, moving, and other costs.

  • Debt-to-Income Ratio

    Put simply, the lender wants to know that you have a steady source of income, and that your income is enough to consistently make the necessary payments on your mortgage. This is one part of the process that often requires significant documentation, so it's a good idea to gather recent pay-stubs, your W-2 or 1099, federal tax returns, as well as comprehensive lists of your assets and debts. Combined, these documents help provide a clear, detailed picture of your finances for the lender.

  • Don't Be Afraid to Ask Questions

    Obtaining a mortgage is a complex process, especially when you're doing it for the first time. So don't be afraid to ask for help from trusted sources! Your real estate agent can tell you a ton about what it takes to qualify, and maybe even recommend lenders who could be a good fit for your needs.

    Shopping around for a loan is also encouraged, both for getting the most favorable terms and understanding exactly what your options will be. It will also help you identify the lender you'd most like to work with, which can go a long way toward simplifying the process.

Searching for the right home, and the right real estate team to help accomplish your home-ownership goals? Contact Old Dominion Realty to buy and sell homes in Virginia and West Virginia real estate markets.

Contact Old Dominion Realty


Why Real Estate Agents Ask if You're Pre-approved

Pre-approval Process
If you've been house hunting for any amount of time, there's a good chance you're all too familiar with the process. You find a few homes, meet the agents, and shake some hands. The conversation moves on to the type of homes you like, the type of neighborhood you're looking for, and maybe even making preliminary plans to visit an open house.

But before things get too far, you get the question that every experienced real estate agent asks of new clients: Are you pre-approved for a mortgage?

For some home buyers, the question comes as a shock. Aren't you supposed to be the one evaluating which real estate agent you want to work with? As it turns out, there are some very good reasons that your real estate agent asks about pre-approval.

The biggest thing to remember about mortgage pre-approval is that it has the potential to make life much easier for both you and your agent when you're buying a house. It's also good to remember that there's a big difference between assuming that you can attain a mortgage, and actually doing it – even if your credit score and finances are in great shape. With that in mind, here's why your real estate agent asks whether you're pre-approved:

  • Identifying Serious Home-Buyers
    Buying a house is a time-intensive process for you and your real estate agent. Most experienced agents ask about pre-approval because getting pre-approved shows that you are serious buyer. This is also a question your agent will ask of any buyer who wants to work with them. It's nothing personal, but agents simply want to make sure they are investing their limited time wisely.

  • Negotiate from a Position of Strength
    Obtaining pre-approval for a mortgage allows you to negotiate from a strong position. It gives you a good idea of what you will be able to spend on your home, and shows the seller that you'll be ready to hold up your end of the bargain once your offer is accepted. It's one thing to say you have the money, and another to be able to prove it.

  • Satisfying Sellers
    It's not just your real estate agent who might be interested in whether you're pre-approved. There's a pretty good chance that the seller will be, too! Pre-approval also shows the seller that you're serious about making a purchase, have done your homework, and are ready to get into the details of the negotiation.

  • A Simple Safety Step
    In some cases, showing a house alone or meeting with a new client can be a safety risk for real estate agents. Some agents have been the victims of crimes when meeting with someone who claims to be an interested customer. The agent doesn't know who you are, where you came from, or what your goals are; pre-approval shows them that you are a serious shopper. That provides peace of mind for your real estate agent, and makes it easier for both sides to take the next step.

Obtaining pre-approval is just one step on the path to buying a house. Contact Old Dominion Realty to buy and sell homes throughout the Eastern West Virginia and Central Virginia's Shenandoah Valley real estate areas.

Contact Old Dominion Realty


Old Dominion Realty Announces Commercial Real Estate Website Redesign

ODR Commercial Relaunch
Old Dominion Realty is proud to announce the release of our newly redesigned commercial real estate website www.odrcommercial.com.  Old Dominion Realty--working with the design and marketing team at Delta Media Group—used advanced website design and technology to maximize our visitors' online experience.

As a full-service commercial real estate company in Harrisonburg, VA, Old Dominion Realty wanted to give our website an overall feel that went along with the branding of our residential website.  Our goal was to represent our brand to commercial investors and developers across the country as well as local real estate owners, developers, investors, brokers, landlords, and tenants.

www.odrcommercial.com is a responsive website that looks great and is easy to use no matter what device you're using—desktop, tablet or smartphone.  It showcases property listings with large-scale photos and a scrollable image gallery, detailed listing information, IDX technology, and an easy-to-use property search making it simple for Old Dominion Realty's clients to find the perfect investment properties.

ODR Commercial, a division of Old Dominion Realty, is a major force in commercial real estate in our local communities.  Contact ODR Commercial to learn more about our professional real estate services. We have an exceptional staff of seasoned REALTORS® each bringing their individual knowledge and experience to the forefront. With over 50 years of experience, we are Built on Integrity with Proven Results!

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