Financing
While historic appreciation rates in Northern Virginia (See Chart Below) demonstrates a strong resilience in the real estate market overall, we have not been immune to the problems brought on by the global recession of 2008. Overall, the process for financing your home or investment property purchase has become more tedious and credit score driven. Mandated review periods, larger down payment requirements and appraisal restrictions are just some of the new hurdles your lender will have to navigate and remember that although mortgage rates are still incredibly low, they go up faster than they come back down.
The good news is that owning a home is still a great investment, especially in Arlington, and mortgage interest and other expenses of homeownership are tax deductible, making the cost of ownership less than the cost of renting in many cases.
Also, please remember that any information I provide is only for illustrative purposes. So many variables factor into the financing process including your credit score, down payment amount, loan program and so on. For personal advice regarding your financial situation, please consult with a professional financial advisor. Contact me today and I’ll be happy to refer you to a number of great professionals.
