Many business owners across Northern Virginia are waiting to hear back from their banks about their application to the Paycheck Protection Program. That’s the $350 billion program that was part of the $2.2 trillion stimulus law designed to offer money to small businesses who can demonstrate they are keeping their employees. This money would help the businesses to rehire their employees who were laid off when the economy abruptly shut down as the result of the global COVID-19 pandemic. Continue reading
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
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.
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.
Guide to Northern Virginia Real Estate
Northern Virginia is a part of the National Capital Region it is home to some of the most educated, affluent and particular buyers in the nation. Everyday we help people relocate in and out of Northern Virginia as well as help locals advance their real estate goals. If you're shopping for a home in Northern Virginia, you will find our Buyer's Guide to Northern Virginia Real Estate is a great resource for understanding the area and for seeking out the perfect real estate match for your tastes and budget.
If you need any help with a specific search please don't hesitate to call us at (703)765-0300.
[Learn more about how we help buyers in Northern VA]
For more information or to set up an appointment call Julie at (703)765-0300.
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.
Established in 1974 with a mission to reduce homelessness, increase community support and promote self sufficiency, the Good Shepherd Housing and Family Services is operated by a multi-denominational board of directors and staff managing over 70 housing units. Good Shepherd Housing and Family Services is located in the Mount Zephyr Business Center at 8305 Richmond…
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.
