NOVA Homes Blog: 3 Things to Consider Before Moving to a Bigger Northern Virginia Home

Tuesday, September 15, 2015

3 Things to Consider Before Moving to a Bigger Northern Virginia Home

With mortgage rates at historically low rates and home values rising, many Northern Virginia homeowners are currently contemplating a move. Now is indeed the time to purchase a home with more storage space, more bedrooms, more overall square footage or even a home in a better neighborhood.

As your real estate agent in Northern Virginia, I'm happy to help you find your bigger, better dream home, but there are just a few factors to consider in your decision to move up.

The right mortgage
When moving up in Alexandria, Arlington, Annandale, Springfield, McLean or Falls Church, to name a few, the type of mortgage you obtain is crucial. An adjustable-rate mortgage may be for you if you're not planning on being in the home for an extended amount of time. Adjustable-rate mortgages can save you money as the rate is typically lower than a 30-year fixed-rate and guaranteed for your particular loan term.

On the contrary, fixed-rate loans have a higher interest rate but provide the homebuyer security by locking in that rate over the entire life of your loan.

Mortgage qualifications
When you move to a larger home in Northern Virginia, you may obtain what's called a "jumbo mortgage." Jumbo mortgages are loans that are above "average" with an amount more than $417,000 for a single-family home. If this fits the bill for your new home in NoVA, be prepared! Jumbo mortgages do require stronger credentials and the process can be more intense than others, however it does all depend on your lender.

If you're in the market to purchase a home in the DC area and are looking for a lender recommendation, do not hesitate to reach out! I have decades of expertise in the area and can connect you to a professional that will assist you in your mortgage process.

Refinancing options
There are mortgage options—commonly called piggyback options— that allow for a second mortgage or home equity loan to be taken out by a homeowner at the same time their first is refinanced or even started. When you're moving to a larger home, you may be mulling over combining your first and second mortgages to reduce costs. It is always wise to explore all of these options in your decision to move up.

The real estate market has been improving over the past year and now is the time to make a move! Contact me today to get started on your house-hunt for your NoVA dream home.

Earle Whitmore

Long & Foster Real Estate, Inc.
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When you first meet Earle, she greets you with a firm handshake and a broad smile. She has a certain charm and friendly nature that immediately set you at ease. As you talk to her, she listens intently. You can see by the earnest look on her face that she’s already developing ideas and strategies to accomplish your goals. By the end of your conversation, you’re surprised that someone can have such a clear understanding of your needs after just one meeting. This is the essence of Earle’s real estate service. She’s a straightforward businesswoman who doesn’t let up until her clients are satisfied.
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Northern Virginia is a thriving area consisting of several communities that thrive with historical and cultural richness as well as physical beauty.
With all that the Northern Virginia area offers, there’s never a shortage of things to do, natural beauty and great schools. From the ocean to the mountains to the nation’s capital, this is a part of the country that has it all!
Earle has assembled some helpful resources to help you with finding your new home. From her comprehensive list of Local Links, her Home Style Guide, or hands on personal help, described below, you know you can count on Earle.