Home Loans

Home loans make the process of buying a new home more affordable than ever. As you may already know, these types of loans give you many opportunities that wouldn’t be possible without them. When you buy a home, you should understand as much as you can about the process, as well as the questions you will be answering. This way, you’ll be familiar with how things work and you’ll find the entire process to go much smoother.Continue reading

Lender Checklist: What You Need for a Mortgage

  • W-2 forms — or business tax return forms if you’re self-employed — for the last two or three years for every person signing the loan.
  • Copies of at least one pay stub for each person signing the loan.
  • Account numbers of all your credit cards and the amounts for any outstanding balances.
  • Copies of two to four months of bank or credit union statements for both checking and savings accounts.
  • Lender, loan number, and amount owed on other installment loans, such as student loans and car loans.
  • Addresses where you’ve lived for the last five to seven years, with names of landlords if appropriate.
  • Copies of brokerage account statements for two to four months, as well as a list of any other major assets of value, such as a boat, RV, or stocks or bonds not held in a brokerage account.
  • Copies of your most recent 401(k) or other retirement account statement.
  • Documentation to verify additional income, such as child support or a pension.
  • Copies of personal tax forms for the last two to three years.
For more information or to set up an appointment call Stuart at (703)765-0300.

5 Costly Mistakes First-Time Buyers Make

Nesbitt Realty helps first-time home-buyers realize their home-buying dreams.

Buying a first home can be a daunting experience. Here are five common and costly mistakes that novice home buyers make:

1. Ignore the costs of having a low credit score. Lower-score borrowers pay thousands of dollars in increased interest rates over the life of the loan.
2. Make purchases on credit before settlement.  Lenders continue to check credit scores right up until the time of closing. Too much shopping could cause the lender to take back the loan.
3. Scrimp on an inspection. Being surprised by the need for expensive repairs can be financially devastating.
4. Buy without contingencies. Buyers should give themselves an out if the inspection turns up problems or the bank raises the interest rates.
5. No money for insurance. Insurance can be surprisingly pricey. Buyers who don’t budget for it can face a nasty surprise.

For more information or to set up an appointment call Julie at (703)765-0300.

 

Pre-approvals Before Home Purchasing

Purchasing a home is a process that cannot go smoothly unless you take it step by step. This is where having a real estate agent is important.

It is essential that you are prepared and already have a loan secured. Securing it early will assist you in making decisions with your home purchase.

With a secured loan, you can either broaden or lessen your prospective homes as you would need the price to be within your budget while your offer will be good one as you are ready to buy. Getting the finances in order will make the process quicker without hindrances.

Let a real estate agent assist you with your home purchase decisions.

  • Julie Nesbitt

    Julie Nesbitt knows the back trails and by-ways of Northern Virginia real estate.

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  • Enjoying Winkler Botanical Preserve

    We had a great time walking the trails. 

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  • Don’t take chances with real estate.

  • REDUCED: 7202 Churchill Rd, McLean

    Open House, Sunday, 1-4 BIG PRICE DROP! 7202 CHURCHILL ROAD McLean, VA 22101 6 Bedrooms 5.5 Bathrooms 6,752 SF $1,695,000

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  • [FWD: The Empire Strikes Back Pictures]

    We played a game at the office this Sunday. Lots of fun. Sincerely, Will Nesbitt Principal Broker   Nesbitt RealtyAlexandria VA licensed in the Commonwealth of Virginia and the State of Maryland 703 765 0300 (main) 571 237 7902 (direct)888 783 6391 (fax) ——– Original Message ——– Subject: The Empire Strikes Back Pictures From: [email protected]

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Are banks allowed to profit off of the sale of foreclosed property?

A question that can cause a fiery debate but it only leaves one correct answer.

Once a bank forecloses on a property and was able to sell the property for more than the loan owed, the profit is readily handed over to the defaulted owner. Then again, the certain fees or expenses of the bank would have to be collected as well. So the loan and fees would be collected and remaining amount returned to the owner.

Some would be:

  • Late Fees
  • Back Payments
  • Attorney Fees
  • Trustee Fees
  • Sign Fees
  • Closing Fees
  • Newspaper Publication Fees
  • Escrow Issues
  • Realtor Commissions
  • Back and Current Taxes
  • Back and Current HOA
  • Clean Out and Repair Fees

Therefore to conclude, if the property actually cost more than the loan, owners wouldn’t be allowing banks foreclose on their property. They would be selling it to save their credit.

Banks just don’t profit on foreclosures.